February 27, 2020 / 4:30 AM / a month ago

StanChart annual profit rises 46%, misses estimates

HONG KONG/LONDON, Feb 27 (Reuters) - Standard Chartered on Thursday posted a 45.5% rise in annual profit, weathering the economic fallout from global trade tensions and political protests in Hong Kong with revenue growth in its main markets.

The bank, which makes the bulk of its revenue in Asia, posted a pretax profit of $3.71 billion, up from $2.55 billion in 2018 and slightly below the $3.94 billion average of analysts’ forecasts compiled by the bank.

The bank said it would take longer to achieve its target of a 10% return on tangible equity previously targeted for 2021, after flagging in October that the goal had become more difficult amid worsening global economic conditions. (Reporting by Sumeet Chatterjee in Hong Kong and Lawrence White in London; Editing by Edwina Gibbs)

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