it was not currently evaluating an offer for the bank, having previously acknowledged it had at one time worked on a potential bid.StanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021.a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors.
While StanChart's results were better than some rivals, mixed performance from key business lines highlighted the work Winters, the longest-running chief of a major European bank, has yet to do to. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022.
The wealth management business however reported a 17% drop in income as wealthy individual customers became more risk averse and COVID-19 restrictions curbed face-to-face sales of investment products in China and other markets. China's economic slowdown also hit the bank's loan books, as it recorded a $582 million impairment for expected bad debts in the country's troubled real estate market, taking the lender's overall impairment to a higher-than-expected $838 million., which it attributed to "industry challenges".
Source: Loan Digest (loandigest.net)
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: THR - 🏆 411. / 53 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: mercnews - 🏆 88. / 68 Read more »
Source: ClevelandScene - 🏆 383. / 55 Read more »
Source: FOX29philly - 🏆 570. / 51 Read more »