StanChart shares slump on full-year profit warning
Consumer banking unit operating profit seen dropping 10%
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[LONDON] Standard Chartered shares slumped to the lowest in three months in Hong Kong trading after the lender said full-year operating profit at its consumer banking unit will drop at least 10 per cent, hurt by its Korean business.
Operating profit at the division "is now expected to be down by a double-digit rate", while revenue is seen increasing "at a low single-digit rate" in 2013, the London-based bank said in a statement on Wednesday.
Income in South Korea may fall about 15 per cent this year and the lender expects to lose almost US$200 million from consumer banking in that nation, chief financial officer Richard Meddings told reporters on a call.
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