Standard Chartered blames lower profits to margin compression | GulfNews.com:
"Standard Chartered Bank on Tuesday attributed decline in its UAE profits to heightened competition and margin compression in all major lines of business.
The bank last week reported a $35 million decline in its UAE operating profits to $289 million as it posted a flat operating profit of $442 million for the Middle East North Africa and Pakistan (MENAP) region.
“The decline [in profits and revenues] has been in line with our expectations. There is a lot of competition in the market. Margins have been under pressure across all business lines despite high volumes. Lower margins have been translated into lower profits,” said Mohsin Ali Nathani, CEO of Standard Chartered UAE."
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