StanChart Q1 operating profit slips 6%
Revenue down 5%; weakness persists in April and May
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[HONG KONG] Asia-focused bank Standard Chartered posted a drop in first-quarter profit, hurt by lower investment bank revenues, weaker Asian currencies and ongoing problems at its South Korean business.
The London-based bank, which earns about four-fifths of its income from Asia, yesterday said the weak first-quarter conditions had continued in April and so far in May.
StanChart, which does not publish full quarterly results, said its first-quarter operating profit was down 6-9 per cent from a year ago and revenue was down by less than 5 per cent, broadly in line with analyst expectations.
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