UK-based bank Standard Chartered has warned that the COVID-19 outbreak might undershoot its previous target of 5-7% growth in 2020.
Standard Chartered’s operating income growth is set to be lower than expected this year due to the impact of the coronavirus in some of its biggest markets, as well as an economic slowdown and months of protests in Hong Kong. Progress towards a return on tangible equity — a measure of banking profitability — of 10% would also be delayed, the bank said as it announced financial results for 2019.
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