News Column

StanChart set for 20 per cent fall in profits

August 4, 2014

TIM WALLACE



STANDARD Chartered is expected to report a fall in profits of around 20 per cent for the first half of the year, when it publishes its results on Wednesday.


The emerging markets specialist had seen 10 consecutive years of record profits, but in the spring launched a restructuring plan.


The bank has warned about the shortfall in profits for the first half. And analysts expect profits to fall over the year as a whole. JP Morgan estimates profits will be $6.3bn (3.7bn) for the year, down 8.8 per cent on 2013.


However, the analysts also believe markets have overreacted.


"Some of the earnings headwinds facing the group could start to abate from end 2014, and with consensus now rebased lower, we see risk reward geared to the upside," said JP Morgan's Raul Sinha.


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Source: City A.M. (UK)


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