Standard Chartered shares fall on revenue decline
Standard Chartered shares are down this morning after the bank reported that it saw a drop in revenue in its third quarter, as its corporate banking business struggles, particularly in emerging markets. (Release)
In an interim statement, the bank said revenue in the three months to September dropped by a "low single-digit percentage".
Standard Chartered makes more than 90 per cent of its profits in Asia, Africa, and the Middle East. Particularly weak performances in Korea and Singapore saw both markets decline, although these were offset by strong performances in Hong Kong and Africa, which saw profit grow at a double digit rate.
Depreciation in emerging market currencies, including the India Rupee and Indonesian Rupiah, will impact the lender's full year results by some $200m on income and about $70m on profits, it said.
