26th Jun 2014 08:36
LONDON (Alliance News) - Standard Chartered PLC Thursday said it expects its first-half income, excluding the UK bank levy, adjustments on its own credit, and goodwill impairment in Korea, to be down by a mid single-digit percentage from a year before, hit by an increase in loan impairments and after a tough time in India, Korea and Singapore.
Despite the difficult first-half, Standard Chartered said it expects its interim results to be ahead of the second-half of last year. Excluding goodwill impairment and own credit adjustment, but including the UK bank levy, Standard Chartered said it expects its full-year profits to be down on 2013, but said that second-half profits are likely to be higher than in the same period last year.
"This has been a disappointing first half, with difficult trading conditions, particularly in financial markets. We are making good progress against our refreshed strategy and are taking the right actions in response to a challenging environment - managing costs very tightly, disposing of non-core businesses and optimising the deployment of capital," Chief Executive Peter Sands said in a statement.
Standard Chartered shares were Thursday morning quoted at 1,216.50 pence, down 3.3%.
By Samuel Agini; [email protected]; @samuelagini
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