Standard Chartered's Loss Narrows
February 24 2017 - 04:35AM
Dow Jones News
By Margot Patrick
LONDON-- Standard Chartered PLC narrowed its net loss for 2016
and said its returns should improve this year after a major
restructuring.
The bank's net loss for the year was $478 million, less than
last year's $2.36 billion, as a sharp fall in bad loans offset
declining revenue. Revenue dropped 11% to $13.8 billion from $15.4
billion, in part because of dollar strength against emerging market
currencies.
Chief Executive Bill Winters said the bank is on a stronger
foundation after cutting costs and selling around a dozen
businesses. Mr. Winters is 20 months into a revamp of the bank to
shrink parts of its loan book and pull back from riskier
activities.
Restructuring costs for the year were $855 million, down from
$1.85 billion in 2015. Bad loans were down 41% at $2.38
billion.
Standard Chartered shares are up 12% since the start of the year
on expectations stronger commodity markets and rising U.S. interest
rates will give its business a boost.
The stock fell 2.5% after the results announcement.
Write to Margot Patrick at margot.patrick@wsj.com
(END) Dow Jones Newswires
February 24, 2017 04:20 ET (09:20 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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