StanChart sees H1 profit growth under 10pc

Hong Kong, June 27, 2012

Standard Chartered said on Wednesday it expects pretax profit in the first half of this year to grow by less than 10 per cent, slowing from previous years and hit by an appreciating US dollar.

Pretax profit in the January-June is also expected to slow to below 10 per cent, the bank said in a filing to the Hong Kong bourse, adding that headcount levels at the end of May were flat from the end of 2011.

The Asia-focused bank has so far weathered the downturn relatively well compared with its rivals, having reported a ninth straight year of record earnings in 2011 on the back of buoyant growth in emerging markets. – Reuters

Tags: Standard Chartered | Dollar | Hong Kong | profit | First half |