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Standard Chartered profits fall in difficult 2020
StockMarketWire.com
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Standard Chartered has reported a 3% fall in income for 2020 to $14.8 billion and a 40% drop in underlying profit before tax driven by COVID-related elevated impairments and lower interest rates.
Statutory profit before tax was down 57% to $1.6bn, which included a $489m goodwill impairment in India, UAE and Indonesia
The group said its net interest margin was down 31bps to a full year 2020 average of 1.31%.
Expenses, excluding the UK bank levy, was reduced by 2% to $9.8 billion, while return of tangible equity fell 340bps to 3%.
Bill Winters, group chief executive, said: 'We remain strong and profitable, although returns in 2020 were clearly impacted by higher provisions, reduced economic activity and low interest rates, in each case the result of COVID-19. I am proud of the way our colleagues around the world have responded to the challenges of the pandemic by supporting each other, our communities and our clients.
'Looking ahead, our unique exposure to the most dynamic markets in the world puts us in a great position to benefit from the clear signs of recovery there.'
Story provided by StockMarketWire.com
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