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Standard Chartered ‘resilient’ despite Hong Kong woes

by LLB Reporter
30th Oct 19 2:52 pm

Standard Chartered has brushed off the anti-government protests in Hong Kong along with the global slowdown of the economy as profits have risen.

The bank that is focused on Asia and emerging markets announced in the three months to September a 16% hike in underlying pre-tax profits to $1.2bn

Chief executive Bill Winters said this shows the bank is “stronger and resilient” and added the bank is facing “more challenging” conditions.

The bank warned, there are “growing headwinds from the combination of continuing geopolitical tensions and expectations of declining near-term global growth and interest rates.”

Neil Wilson, chief market analyst at Markets.com, said Standard Chartered has “beaten expectations amid a challenging environment and managed to keep costs flat while simultaneously growing revenues.”

Banking expert Gary Greenwood, of Shore Capital said, “We are pleasantly surprised by the strength of Standard Chartered’s performance.”

Adding, “To outperform expectations on revenue in a difficult operating environment is no mean feat.”

Shares were 3% higher after the results.

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