11th Nov 2013 12:45
LONDON (Alliance News) - Standard Chartered PLC has revised its financial framework to target high single digit income growth over the next couple of years, according to slides published Monday as part of the bank's analyst and investor day, while it also will exit certain businesses to improve profitability.
Investec analyst Ian Gordon said the high single digit growth target was "consistent with or better than existing market expectations".
Standard Chartered, which earns around 90% of its income and profits in Asia, Africa and the Middle East, is no longer targeting double digit income growth over the next couple of years, but is still targeting double digit growth in the longer term.
The Asia-focused bank is looking to exit its savings bank and capital company in South Korea, as part of an initiative to return its operations there to profitability, though offloading those businesses wouldn't have any material impact on the group.
Standard Chartered shares were Monday quoted at 1,508.00 pence, up 1.7%.
By Samuel Agini; [email protected]; @samuelagini
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