July 30, 2020 / 4:26 AM / 12 days ago

StanChart first-half profit down 33% on higher loan impairments

HONG KONG/LONDON, July 30 (Reuters) - Standard Chartered PLC posted a 33% fall in its first-half pre-tax profit, as the bank took hefty credit impairment charges arising from the COVID-19 pandemic and economic downturn in its main markets.

Pre-tax profit for StanChart, which focuses on Asia, Africa and the Middle East, dropped to $1.63 billion in the January-June period from $2.41 billion in the same period last year, the London-headquartered bank said in a stock exchange filing.

The latest profit compared with the $1.53 billion average of analyst estimates compiled by Standard Chartered. (Reporting by Sumeet Chatterjee in Hong Kong and Lawrence White in London; Editing by Muralikumar Anantharaman)

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