By Andrei Skvarsky.
Banking group Standard Chartered has reported an underlying profit increase of 8 per cent for 2019 but predicted possible worse performance than expected for this year because of macroeconomic factors and the coronavirus outbreak.
Standard Chartered’s earnings per share grew by 23 per cent in 2019, the London-headquartered lender, which is present in 60 markets and runs a network serving customers in a further 85 markets worldwide, said in a report.
Income from corporate and institutional clients rose by 6 per cent, and income from premium, priority and private banking clients went up by the same percentage.
The group’s business in India, Indonesia, Korea and the United Arab Emirates, which had been its low-returning markets, showed a 10 per cent pretax profit increase.
The bank’s productivity also went up: income per full-time employee rose 5 per cent. The group has more than 86,000 employees worldwide.
According to the report, the performance standards shown by Standard Chartered in the fourth quarter of 2019 continued into January.
However, the bank said, it is unlikely to meet its 2020 income growth target of between 5 and 7 per cent because of lower interest rates, slower global economic growth, economic problems in Hong Kong and the coronavirus outbreak.
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