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Standard Chartered hit by low interest rates in Q3
StockMarketWire.com
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Financial services company Standard Chartered reported a 12% drop in income for the third quarter amid the continuing ultra-low interest rate environment.
Its income fell to $3.5 billion as low rates offset a continued recovery in its wealth management business and positive momentum in its financial markets arm.
Earnings per share fell by 49% to 13.6 cents per share.
However, the company said it remained 'strongly capitalised and highly liquid', with a liquidity coverage ratio of 142% and asset-to-deposit ratio of 63.8%.
Standard Chartered said it expected the impact of interest rate cuts from this year to be fully reflected over the next two quarters, with net interest margin stabilising slightly below its current level of 1.23%. This level marked a five basis point fall from Q2 2020.
Story provided by StockMarketWire.com
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