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Standard Chartered Share Price Plunges 4% on 33% Fall in H1 Profit

STANDARD CHARTERED
Nigel F

Shares of Standard Chartered PLC (LON: STAN) plunged more than 4% on Thursday after the London-based bank posted a 33% fall in first-half profit.

Standard Chartered, also known as StanChart, recorded a profit of $1.63 billion in the first half of the year. This is 33% less than $2.41 billion in the same period last year. Still, profit figures came in better than the $1.53 billion the market analysts expected. 

“Low interest rates and depressed oil prices continue to be headwinds and we expect new waves of COVID-19 related challenge in the coming quarters,” Chief Executive Officer Bill Winters said.

StanChart said that credit impairment jumped to $1.58 billion from $254 million a year earlier. The bank also reported a decrease of 10% in expenses, with a plan to stay below $10 billion in expenses in 2020 and 2021.

Standard Chartered share price plunged more than 4% on falling profit July 2020

Standard Chartered share price tumbled over 4% today to trade at 400p for the first time in 8 weeks. 

Nigel F
Nigel F
Team Member

Nigels tiefes Verständnis der Finanzmärkte basiert auf über 10 Jahren Erfahrung. Nigel wurde bisher zweimal von der FCA (Financial Conduct Authority) autorisiert und hat in der letzten Zeit eine Finanz-Brokerage Firma besessen und verkauft. Er liefert hochaktuelle Analysen und Einsichten in die Finanzmärkte und in die allgemeine Wirtschafts- und Währungspolitik des Vereinigten Königreichs, der USA, Europas und Asiens.