StanChart's Q4 operating profit drops to $250M, down 62%

Thursday, 25. February 2021 05:42

Standard Chartered PLC's underlying performance, reported on Thursday, showed its profit before impairment and taxation in the fourth quarter of 2020 dropped by a whopping 62% on an annual basis to reach $250 million.

Meanwhile, the company's operating income for the three months through December landed at $3.19 billion, declining by 11% on an annual basis, as its loss per share increased to 13.5 cents when compared to 2019's 0.4 cent-loss. For the full year 2020, the financial services company booked a profit of $2.5 billion, which is 40% lower year-on-year, with its operating income decreasing by 3% year-on-year to $14.7 billion. Additionally, its full-year earnings per share came in at 36.1 cents, deteriorating compared to 2019's 75.7 cents.

"We are weathering the health crisis and geopolitical tensions very well, our strategic transformation continues to progress and our outlook is bright. We remain strong and profitable, although returns in 2020 were clearly impacted by higher provisions, reduced economic activity and low interest rates, in each case the result of COVID-19," said CEO Bill Winters.

Related Links: Standard Chartered plc
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Breaking the News / NL