Sunday, May 9, 2021
No menu items!
HomeBank CapitalCapital Calls: Standard Chartered’s optimism offers relief

Capital Calls: Standard Chartered’s optimism offers relief

The logo of Standard Chartered bank is seen behind a Hong Kong flag (L) and a Chinese national flag in Hong Kong, China August 4, 2016. REUTERS/Tyrone Siu

Concise insights on global finance.

———————————————–

BOUNCE. Strong first-quarter numbers and an upbeat outlook helped Standard Chartered (STAN.L), (2888.HK) shares rally more than 3% in early London trading on Thursday. Pre-tax profit of $1.4 billion read more for the Asia-focused lender was two-fifths above analysts’ forecasts as a sharp drop in impairments offset the hit from still-shrinking interest margins. The bank also predicted revenue growth would return to its target medium-term rate of 5-7% next year.

Meeting that depends a lot on Hong Kong, responsible for a third of StanChart’s business and where it plans to hire 400 people for wealth management. The lure is the city’s inclusion in Beijing’s efforts to better integrate the nearby Greater Bay Area. Progress there depends on Hong Kong’s China border reopening. Yet local carrier Cathay Pacific (0293.HK) offered aircrew voluntary redundancy on Wednesday and expects no upturn for a while in its flight schedule, which is China-heavy. StanChart’s optimism may take longer than it expects to come good read more . (By Jennifer Hughes)

On Twitter http://twitter.com/breakingviews

Earlier in Capital Calls:

Aussie sovereign fund waves its safe hands read more

Samsung showcases power of sprawl read more

Powell’s troublesome poker face read more

Shopify accelerates to slowdown read more

Mishcon de Reya IPO needs polished investor brief read more

Reuters Breakingviews is the world’s leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.

Source link

banknewsnowhttps://www.banknewsnow.com
Founder and CEO of the premier banking news informational website for the banking/financial industry, and applicants seeking careers exclusively in the finance field.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments

Skip to toolbar