Standard Life Aberdeen H1 profit falls 30%

[LONDON] British asset manager Standard Life Aberdeen's pre-tax profit fell 30 per cent to £195 million (S$350.8 million) in the first half due to the impact of the coronavirus pandemic on markets, it said on Friday.

Fee-based revenue dropped 13 per cent to £706 million due to 2019 outflows, clients switching to lower-fee assets in the tough environment, and a scheduled mandate withdrawal by Lloyds Banking Group. The numbers came in below analysts' expectations of £717 million.

Assets under management and administration fell 6 per cent to £512 billion, hit by the loss of the Lloyds mandate.

SLA said it would pay an interim dividend of 7.3 pence per share, unchanged from a year ago but above a forecast 6.8 pence.

REUTERS