SC expects drop in 2014 earnings

: Sunday, June 29 - 2014 @ 00:17

Standard Chartered has warned that profits would drop in 2014 for the second year in a row, after first-half earnings dropped by a fifth due to tougher regulations and low market volatility in its trading business, Reuters has reported. The British lender makes more than three quarters of its profits in Asia, Africa and the Middle East, which helped it come through the 2008 financial crisis relatively unscathed. The bank said its revenues in the first half of this year are expected to be down by 3-7% from a year ago, and losses from bad loans would be up by 15-19%, in line with expectations. “The first half does look disappointing … the main challenge has been in financial markets, and the challenges there are very much affecting the industry as a whole,” chief executive, Peter Sands, said.

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Sunday, June 29- 2014 @ 0:17 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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