Profit attributable to shareholders for the London-headquartered bank came in at $810 million for the first three months of the year, down from $917 million over the same period in 2019.
The British-based lender said credit impairment rose to $956 million for the quarter, up from $78 million a year earlier, driven primarily by the economic impact of the spread of Covid-19.Jerome Favre | Bloomberg | Getty Imageson Wednesday reported a 12% fall in profit attributable to shareholders, as the emerging-markets focused bank cited encouraging early signs of economic recovery in China.
The British-based lender said credit impairment rose to $956 million for the quarter, up from $78 million a year earlier, driven primarily by the economic impact of the spread of Covid-19. Standard Chartered's common equity tier one ratio — a key measure of financial health — stood at 13.4%, down from 13.9% a year ago.
But, in contrast to other European lenders, the bank struck a relatively positive tone about a potential economic recovery.
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