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Standard Chartered second-quarter profit beats estimates as several Asian markets rebound ‘well from the Covid-19 pandemic’
- Pre-tax profit was US$1.32 billion in the second quarter, beating a consensus estimate of US$989 million
- In its five biggest markets, Hong Kong was the only one to report a decline in operating income in the first half of the year
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Chad Brayin London
Standard Chartered, one of Hong Kong’s three currency-issuing banks, said its profit rose 18 per cent in the second quarter as it bucked concerns about the global economy that sapped deal making in the West and led to choppy markets in the three-month period.
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The emerging markets-focused lender’s net profit rose to US$818 million from US$691 million in the same quarter of 2021. The London-based bank that generates much of its revenue in Asia, reported US$1.32 billion in pre-tax profit, beating the US$989 million expected by analysts.
“Geopolitical and macroeconomic volatility has adversely impacted the global economy [since earlier this year],” Standard Chartered CEO Bill Winters said on a call with analysts on Friday. “It appears at this stage that the Asian markets have been less affected than those in the West and several are rebounding well from the Covid-19 pandemic. This is coming through in our results.”
Standard Chartered is the first of Hong Kong’s large and currency-issuing lenders to report their results for the second quarter. HSBC is expected to report its results on Monday, followed by Bank of China (Hong Kong) later next month.
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Hong Kong health chief says any hotel quarantine reduction will be based on Covid infection data
Hong Kong health chief says any hotel quarantine reduction will be based on Covid infection data
Standard Chartered’s Asia business, including its single largest market Hong Kong, made a pre-tax profit of US$945 million, 4 per cent below the US$983 million it reported a year earlier.
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