StanChart warns of lower profit

[LONDON] Standard Chartered warned that 10 years of record earnings are likely to end this year, with profit set to fall because of losses in Korea, a slowdown in its key Asian markets and tougher regulations.

Shares in the bank, which makes more than 90 per cent of its profit in Asia, Africa and the Middle East, tumbled more than 7 per cent to their lowest level for 16 months.

Standard Chartered said yesterday that operating profit in its consumer bank will be down by at least 10 per cent from a year ago because of problems in Korea and that profit from wholesale banking is expected to be flat, leaving overall profit down.