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Updated / Thursday, 25 Feb 2021
08:30
StanChart posted a 57% fall in annual profit for 2020 on higher credit impairments due to the Covid-19 pandemic
Standard Chartered has restored its dividend and reaffirmed its long-term profit goals, in a show of confidence about its ability to recover from the impact of the Covid-19 pandemic even as its annual profit more than halved.
The Asia, Africa and Middle East-focused bank however cautioned that income in 2021 is likely to be similar to last year.
This indicates the challenge it faces to meet its modest profit goals in a world of rock-bottom interest rates.
Boosting revenue has been chief executive Bill Winters main headache in recent years, as slowing growth in many of the bank s key markets, a commodities downturn and low central bank rates all conspired to crush income.