February 26, 2019 / 4:26 AM / a month ago

StanChart 2018 profit rises 5.5 pct, missing estimates, after $900 mln provision

HONG KONG/LONDON, Feb 26 (Reuters) - Standard Chartered PLC on Tuesday posted a 5.5 percent rise in 2018 pre-tax profit, missing market expectations, pulled down by $900 million in provisions set aside to cover any impact from regulatory investigations in the United States and Britain.

StanChart, listed both in London and Hong Kong , last week said the provision related to the potential resolution of U.S. investigations into alleged sanctions violations and foreign exchange trades.

The emerging markets-focused bank booked profit of $2.55 billion, versus $2.42 billion in 2017. The result compared with the $3.9 billion average of 16 analyst estimates compiled by Refinitiv.

Chief Executive Bill Winters, a former JPMorgan Chase & Co banker who has helped StanChart swing back to black since his 2015 arrival, is widely expected to outline an overhaul of operations in his strategy update later on Tuesday.

Reporting by Sumeet Chatterjee in HONG KONG and Lawrence White in LONDON; Additional reporting by Alun John; Editing by Christopher Cushing

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