Oct 29, 2020

StanChart to consider dividend as profits beat forecasts

The London-based bank said on Thursday that loan loss provisions for the July to September period were $353m, lower than a company-compiled average analyst estimate of $614m. The underlying pre-tax profit the bank reported on Thursday was down by 40 per cent from the same time last year but beat an estimate of $568.8m based on analyst forecasts compiled by Bloomberg. The bank's operating income for the quarter fell 12 per cent year on year to $3.52bn. Bill Winters, group chief executive, said the earnings demonstrated the bank was in "Good shape" considering the macroeconomic environment. In April the Bank of England pressured UK banks to halt their dividends due to the economic slump caused by the coronavirus pandemic. The bank also said its "Impairment costs should be lower in the second half of 2020 than in the first half" and an "Expected economic recovery next year" should support an improvement in asset quality.

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