In a statement, the emerging markets-focused bank said the drop in operating profit was in line with expectations. On a constant currency basis, first-quarter operating profit fell by a mid single-digit percentage, according to the lender.
Income was down by a low single-digit percentage, though slightly higher on a constant currency basis, with tough market conditions remaining through April and continuing in May, though "current momentum" is ahead of the second-half of 2013, the bank said. Expenses were managed "tightly" and were flat on the same period last year,
Outgoing Finance Director
Pressure remains on
Overall, the bank said growth across a number of markets was offset by weaker performances in other markets, particularly in
Loan impairment is up by a low single-digit percentage, according to the bank, with "no new areas of material pressure."
Despite its troubles,
The bank Thursday said it has completed the restructuring it announced in January, when it announced that it would integrate its wholesale and consumer banking divisions. The integration was announced alongside the surprise departure of Meddings himself, who Thursday told journalists that "good progress" is being made with the hunt for his successor.
Consumer banking income was down by a mid single-digit rate on the comparable period of 2013, while wholesale banking income was flat.
"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,"
The bank said its commentary on first-quarter performance excludes the cost of the
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