The bank reported a pre-tax profit of 1.3 billion dollars (£1.1 billion) for the three months to September, down by 2 on the previous year.
Global bank Standard Chartered has revealed a slight drop in profits and hiked its cover for loan losses amid growing fears over China’s flailing property market.
The bank reported a pre-tax profit of 1.3 billion dollars for the three months to September, down by 2% on the previous year and below analysts’ expectations.It came as the firm revealed a 294 million dollar credit impairment charge, more than a quarter higher than this time last year.China’s property market has faced a sharp downturn over the past year, causing the Government to launch recent stimulus measures.
The group said its balance sheet remains “strong” but flagged that customer loans and advances dipped by 3% to 281 billion dollars .Nevertheless, Bill Winters, group chief executive of the firm, was positive about the results.