LONDON (dpa-AFX) - Banking and financial services company Standard Chartered Plc (SCBFF.PK, STAC.L, STAN.L) Thursday reported lower profit for the third quarter, reflecting charges related to goodwill impairment in UAE and Indonesia.
The company's statutory profit before tax slid by 61 percent to $435 million, including $231 million of goodwill impairment charges. Profit attributable to ordinary shareholders plunged by 83 percent to $123 million or 3.9 cents per share, from $725 million or 22.5 cents per share last year.
On an underlying basis, the company said, profit before tax declined by 40 percent to $745 million, driven by lower income, and it fell by 39 percent on a constant currency basis and excluding DVA. Underlying earnings per share was down by 49 percent to 13.6 cents.
Operating income in the quarter declined 12 percent and was down by 10 percent on a constant currency basis and excluding debit valuation adjustment or DVA.
The company's net interest income during the quarter declined by 16 percent to $1.62 billion from last year's $1.94 billion, as higher volumes were more than offset by decline in net interest margin.
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