HONG KONG/LONDON - Standard Chartered's first-quarter profit tumbled 12 per cent on increased credit impairment and provisions for future loan losses as the coronavirus crisis hammered its borrowers, even as it expects an economic recovery later this year.
Pretax profit for January-March was US$1.22 billion , versus US$1.38 billion in the same period a year earlier, the London-headquartered bank said in a stock exchange filing. StanChart raised its expected credit loss provisions to US$6.2 billion in the quarter from US$5.8 billion at the end of December last year, while credit impairment during the quarter rose to US$956 million from US$78 million a year earlier.
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