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StanChart annual profit slumps 84%

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Standard Chartered said on Tuesday its annual profit fell 84 per cent, as weaker global financial markets, tumbling commodity prices and rising loan impairments continued to hammer revenues at the emerging markets-focused bank.

[LONDON] Standard Chartered said on Tuesday its annual profit fell 84 per cent, as weaker global financial markets, tumbling commodity prices and rising loan impairments continued to hammer revenues at the emerging markets-focused bank.

StanChart said its underlying 2015 pretax profit was US$800 million, less than a fifth of the previous year's total of US$5.2 billion. That was lower than analysts' average estimate of US$899 million, according to Thomson Reuters data.

REUTERS

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