Standard Chartered posted a substantial rise in pre-tax profit for 2019 on Thursday, but the Asia-focused bank warned that the spread of the coronavirus would likely slow progress toward one of its key earnings targets.
The company said annual pre-tax profit was up 46% at $3.7 billion for the year, although this was slightly below analyst expectations, and said it expects to take longer to meet its 10% ROTE target.
"The economy hasn't been quite where we'd like it to be and then of course we had the shock, both of the virus and also the unrest in Hong Kong," he told CNBC's "Squawk Box Europe." However, fourth-quarter pre-tax underlying profit fell 25% from the same quarter in 2018, coming in at $325 million, as unrest in Hong Kong and a slowing global economic environment weighed on the British lender.
He also highlighted that this was the third year in which costs have remained flat, which he said indicated the bank's ability to manage its capital and grow income in "difficult circumstances."
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Moody's cuts 2020 global auto sales outlook on coronavirus hitCredit ratings agency Moody's Investor Service on Wednesday cut its 2020 ou...
Les mer »
Politics goes viral as Italy struggles with outbreakWith 320+ confirmed cases and 10 deaths, Italy has been hit harder by the coronavirus than any other country in the EU. There’s no clear-cut answer why.
Les mer »
Celebs Should Instagram Themselves Washing Their Hands InsteadIn the midst of the coronavirus outbreak, some celebrities have found themselves leaning on the familiar comfort of the Instagram selfie with their face masks, but according to experts, they won’t do much
Les mer »
As coronavirus crisis deepens, airlines slash costsAirlines rattled by the coronavirus rushed to cut costs on Wednesday, as warning...
Les mer »
The coronavirus epidemic could wipe out $43 billion of luxury sales in 2020 - Business InsiderLuxury brands are especially vulnerable to the coronavirus outbreak because it is impacting the spending of their most important customer base.
Les mer »
2020 Olympics Could Be 'Canceled' Over Coronavirus Outbreak, Official SaysTokyo 2020 could be CANCELED over the coronavirus -- so says a senior Olympic official who says postponing or moving the games to another country is probably out of the question.
Les mer »