Standard Chartered, a bank with a primary focus on emerging markets, reported a significant drop in its third-quarter pre-tax profit. The bank’s Q3 statutory pre-tax profit fell to $633 million, which is over half of the previous year’s figure. This decline is attributed to challenges in the Chinese commercial real estate sector and impairment charges related to its stake in China Bohai Bank.
Despite these challenges, the bank remains optimistic about China’s potential economic resurgence and is undergoing global restructuring efforts to reduce costs. The outgoing finance chief leaves the bank in a strong position with a solid CET1 ratio and anticipated returns on tangible equity.
