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Standard Chartered warns of "double-digit drop" in consumer banking profit

  • Standard Chartered (SCDRF) warned that the operating profit at its consumer banking unit would suffer a "double-digit drop" this year, the first fall in a decade.
  • The bank has fared better than European peers through the financial crisis due to its high exposure to Asia; that exposure is now coming back to bite it, with the bank blaming eroding profitability on South Korea. That unit already wrote down $1B in 1H due to a dispute with regulators and a reduction in its branch network and now sees an operating loss of $200M on the year. Bernstein blew the whistle on the phenomenon back in Aug.
  • Shares finished the day shedding 6.5% in London trading.
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