2/27, 5:38 AM (Source: TeleTrader)
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Standard Chartered's net income drops to $1.9B in Q4

Financial services company Standard Chartered PLC reported on Thursday its net interest income stood at $1.89 billion in the last quarter of 2019, decreasing 6% compared to the same time the year before, with the profit for the period increasing 106% to $76 million, compared to last years loss of $1.2 billion.

The company booked net interest income of $7.69 billion in the past year, which is 2% less year-on-year. Profit for the period increased by 111% to $2.34 billion from 2018's $1.1 billion, while the underlying earnings per share in cents for the full-year 2019 stood at 75.7 showing an increase of 23% from the previous result of 61.4.

The company's CEO Bill Winters said: "Discipline on the things we control and a sharp focus on where we are differentiated enabled us to grow underlying profit 8% and improve earnings per share by 23% in 2019, despite an increasingly challenging external environment. We are in the right markets guided by the right strategy and united through our purpose to drive commerce and prosperity. I am confident that we have set ourselves up for lasting success."

Breaking the News / NL