Stanchart's Singapore unit posts marginal dip in 1H profit before tax
A day after Standard Chartered reported a decline in the group's first-half earnings, the Britain-based lender said its Singapore unit is chugging along.
Profit before tax for Stanchart's Singapore unit came in at US$544 million (S$689.8 million) or the six months ended June 30, little changed from the US$546 million in the same period last year, tanchart Singapore said on Wednesday.
This was despite a 16 per cent drop in profit before tax for the bank as a whole, which StanChart had reported on Tuesday. The bank had also said its first-half net profit fell 24 per cent in the period.
StanChart Singapore's overall income for the first half came in at US$1.187 billion, up by 2 per cent year-on-year. It said its core businesses performed well.