Standard Chartered Suffers from Bad Loans and Low Interest Rates
As a result of lower interest income and credit value adjustments, the British bank Standard Chartered had to accept a slump in profits last year. As the financial institution, which is strongly focused on Asia, announced, the adjusted pre-tax profit plummeted by 40 per cent to 2.51 billion US dollars. In contrast, Standard Chartered plc's operating profit of $14.77 billion was just 3 per cent lower than in 2019, with net interest income down 11 per cent to $6.88 billion. In the current year, the financial institution expects revenues to remain at last year's level in view of the persistently low interest rate environment.