Daily reviews

29.10.2020

Standard Chartered to consider resuming dividend

news

Credit impairment charges came in at $358 million, well below the preceding quarter's $611 million

Stocks impacted: Standard Chartered Bank (STAN)

Standard Chartered posted better-than-estimated earnings in the third quarter amid a rebound in key Asian markets. The bank booked a smaller-than-expected 40%-slide in quarterly profit as the lender lowered its loan loss expectations linked to the coronavirus pandemic. Credit impairment charges came in at $358 million, well below the preceding quarter's $611 million and a consensus estimate of $614 million. The UK-based lender lowered its loan loss provisions for the three months to September to $353 million, below the $611 million it set aside during the previous quarter. At the same time, the bank said it is considering resuming dividend payments to shareholders next year, thanks to its strong capital position. The company expects its fourth-quarter seasonality to be similar to last year, and it anticipates better client demand in 2021. On Wednesday, Standard Chartered stocks finished nearly 3% lower.

Make profit on it right now!