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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered PLC    STAN   GB0004082847

STANDARD CHARTERED PLC

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Standard Chartered : Third-Quarter Pretax Underlying Profit Dropped 40%

10/28/2020 | 11:57pm EST

By Yifan Wang

Standard Chartered PLC's third-quarter pretax underlying profit slumped 40%, as credit impairments continued to rise sharply due to the pandemic, albeit at a slower pace than in previous quarters.

Underlying profit before tax fell to $745 million from $1.24 billion a year earlier, the Asia-focused lender said Thursday.

The decline was primarily due to a surge in credit impairments, which jumped to $353 million from $279 million. The increase followed an even sharper rise in impairments in the first half of the year.

Operating income fell 12% to $3.52 billion.

Net interest income declined 16% to $1.62 billion, mainly dragged by margin compression. Net interest margin was 1.23%, down 0.38 percentage point.

The bank said it expects its net interest margin to stabilize at slightly below the current level over the next two quarters, as the impact of recent global central bank rate cuts becomes fully reflected.

Standard Chartered expects its fourth-quarter seasonality to be similar to last year, and it anticipates better client demand in 2021.

As the low interest-rate environment is expected to be protracted, the bank said it is increasingly shifting its focus to generating more fee-based income, particularly from its financial markets and wealth management businesses that have good momentum.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

10-29-20 0056ET

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Financials (USD)
Sales 2020 14 877 M - -
Net income 2020 777 M - -
Net Debt 2020 - - -
P/E ratio 2020 25,6x
Yield 2020 1,54%
Capitalization 20 146 M 20 158 M -
Capi. / Sales 2020 1,35x
Capi. / Sales 2021 1,35x
Nbr of Employees 82 494
Free-Float 93,9%
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Technical analysis trends STANDARD CHARTERED PLC
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 6,56 $
Last Close Price 6,40 $
Spread / Highest target 35,9%
Spread / Average Target 2,45%
Spread / Lowest Target -28,5%
EPS Revisions
Managers
NameTitle
William Thomas Winters Group Chief Executive Officer & Executive Director
José Viñals Group Chairman
David Whiteing Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
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