8th May 2014 05:31
LONDON (Alliance News) - Lender Standard Chartered PLC Thursday said the group's operating profit in the first quarter was down by a high single digit percentage, in line with expectations.
On a constant currency basis, operating profit was down by a mid single digit percentage.
Group income in the first quarter expectedly fell a low single digit percentage on the comparative quarter in 2013. This performance was impacted by local currency weakness, mainly the Indian Rupee and Indonesian rupiah.
Group income was up slightly on a constant currency basis.
Broad based growth across several markets has been offset by weaker performances in other markets, particularly in Korea, where income is down by some USD110 million year. Excluding Korea, income for the first quarter is flat year on year.
The update for the quarter excludes the impact of the UK bank levy, estimated to be around USD350 million for the full year, and the Own Credit Adjustment.
Peter Sands, Group Chief Executive, said, "Despite a somewhat challenging external environment, we continue to support our clients' growth, whilst managing tightly our costs, risks and capital. Our performance so far this year is in line with our expectations.''
Copyright RTT News/dpa-AFX
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