StanChart annual profit rises 46per cent, misses estimates

Standard Chartered on Thursday posted a 45.5per cent rise in annual profit, weathering the economic fallout from global trade tensions and political protests in Hong Kong with revenue growth in its main markets.

FILE PHOTO: A logo of Standard Chartered is displayed at the financial Central district in Hong Kong, China November 23, 2017. REUTERS/Bobby Yip/File PhotoHONG KONG/LONDON: Standard Chartered on Thursday posted a 45.5per cent rise in annual profit, weathering the economic fallout from global trade tensions and political protests in Hong Kong with revenue growth in its main markets.

The bank, which makes the bulk of its revenue in Asia, posted a pretax profit of US$3.71 billion, up from US$2.55 billion in 2018 and slightly below the US$3.94 billion average of analysts' forecasts compiled by the bank.The bank said it would take longer to achieve its target of a 10per cent return on tangible equity previously targeted for 2021, after flagging in October that the goal had become more difficult amid worsening global economic conditions.

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