POST TIME: 3 August, 2017 00:00 00 AM
Standard Chartered profits leap 93pc in Q1

Standard Chartered profits leap 93pc in Q1

AFP, HONG KONG: Asia-focused bank Standard Chartered yesterday said pre-tax profits were up 93 per cent in the first half of the year as it continues to rally after job cuts and restructuring.

But it stopped short of paying interim dividends, with chairman José Viñals saying more clarity was needed on the impact of global regulatory reforms which are still under consideration.

The bank swung back to profit in 2016 after scoring its first annual loss for over a quarter of a century in 2015 as it struggled to cope with the effect of bad debts. Results in the six months to June showed underlying pre-tax profit of $1.9 billion, up from $994 million year-on-year. Net profit almost doubled to $1.2 billion from $580 million in the same period a year ago.

Underlying loan impairments were at $583 million, down from $1.1 billion.