StanChart's first-half earnings hit by tough conditions in financial markets
Published on Aug 6, 2014 9:20 PM
Standard Chartered Bank's performance in the first half of the year was affected by muted global trade sentiment, regulatory changes and weak commodity prices.
The bank's Singapore branch reported income of US$1.035 billion (S$1.3 billion), 8 per cent lower than the same period last year.
It posted an operating profit of US$455 million in the six months ended Jun 30, down 5 per cent over last year.
In a statement yesterday, StanChart says its earnings and income were also affected by a 54 per cent decrease in Own Account Income. This refers to the bank's trading income, which has been affected by the challenging conditions in the financial markets.
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