StanChart says on track to meet full year earnings forecasts

Thursday, 27 June 2013 01:42 - - {{hitsCtrl.values.hits}}

REUTERS: Standard Chartered said on Wednesday it was comfortable with analysts’ forecasts for its full year operating profit, after growth accelerated in the second quarter. Chief Executive Peter Sands said the bank had performed well despite persistent global economic turbulence, with second quarter growth up on the previous quarter and the same period the year before. “Growth has remained resilient across our footprint markets of Asia, Africa and the Middle East with high levels of client activity. We continue to see good momentum across a wide range of products and services,” Chief Executive Peter Sands said. Analysts expect the bank to make pre-tax profit of about $ 8 billion this year, according to Thomson Reuters I/B/E/S data. Standard Chartered said income for the first six months of 2013 is expected to grow at a mid single digit rate, with strong levels of client activity offsetting pressure on margins, and in the second quarter it expects income to rise at “around a double digit percentage”.

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