Standard Chartered Second-Quarter Profit Jumped 69%
03 Agosto 2021 - 2:16AM
Dow Jones News
By Yifan Wang
Standard Chartered PLC said Tuesday that its profit jumped 69%
in the second quarter, as the Asia-focused bank's recovery picked
up on easing credit impairments.
The upbeat earnings from Standard Chartered followed results
from peer HSBC Holdings PLC, which earlier this week said its
second-quarter profit soared more than 10-fold, in a sign of the
strength of Asia's economic rebound from the peak of the pandemic's
impact last year.
Standard Chartered's first-quarter pretax underlying profit was
$1.24 billion, compared with $733 million a year earlier.
The improvement was mainly driven by sharply lower impairments,
as the bank became more optimistic about its business momentum.
Operating income fell to $3.69 billion from $3.72 billion,
dragged by weaker net interest income after the governments of
several Asian countries further cut rates in recent months amid a
resurgence of Covid-19 infections in the region. Its net interest
margin fell 0.06 percentage point to 1.22% in the period.
The bank resumed its interim dividend payment, after canceling
the payout last year due to the pandemic, with 3 cents a share.
The lender said it expects impairment costs to remain low
through the end of the year and guided for similar levels of income
in 2021 versus last year.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
August 03, 2021 01:04 ET (05:04 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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