11th Nov 2013 17:11
LONDON (Alliance News) - Standard Chartered PLC is targeting 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.
Standard Chartered also confirmed that it is reviewing the possibility of divesting its consumer banking business in Lebanon, though the bank plans to continue offering wholesale banking services in the country.
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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