Standard Chartered has to deal with headwind in Asia, the largest market for the British bank. Last year the protests in Hong Kong and the trade war between China and the United States depressed the results and this year the corona virus is added. That is why the bank issues a profit warning.
Although the bank’s gross profit rose last year by 8 percent to $ 4.2 billion. That was slightly less than the $ 4.3 billion that analysts were counting on. Turnover also grew less than expected.
Standard Chartered is also reducing expectations for this year. The bank expects that the outbreak of the new corona virus and the fact that Hong Kong’s economy has weakened will cut sales. The bank earns roughly three-quarters of its sales in Asia. Competitor HSBC already made a similar announcement.