Standard Chartered said its first-quarter income grew by less than its previous 10 percent target, as the strength of the U.S. dollar against Asian currencies impacted income growth.
London-based Standard Chartered <2888.HK>, which gets about four-fifths of its income in Asia, earns much of that income in local currencies, which translates to fewer dollars when the U.S. currency strengthens.
Despite this, the overall tone of the bank's management update was positive, with expenses under control and income growth exceeding cost growth. The bank said that while India continued to disappoint it saw double-digit income growth in Hong Kong, Malaysia, Indonesia, China and the Americas, as well as in its home market.
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