Standard Chartered's pre-tax profits fell in the first quarter as the emerging markets-focused bank increased its expected loan losses by more than 1,000 per cent due to the economic impact of coronavirus.
However, the London-based lender pointed to “encouraging early signs” of a recovery in China after the world's second-biggest economy controlled its own outbreak.
Standard Chartered said on Wednesday that pre-tax profits in the first quarter dropped by nearly 12 per cent year-on-year to $1.2bn. However, that performance was above the $828m estimated based on analyst forecasts compiled by the company. Its operating income rose 13 per cent year-on-year to $4.3bn, also topping analysts' estimates of $3.8bn.
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