April 29, 2020 / 4:33 AM / a month ago

StanChart profit falls 12% on coronavirus crisis

HONG KONG/LONDON, April 29 (Reuters) - Standard Chartered PLC said on Wednesday its first-quarter profit tumbled 12%, as the emerging markets-focused bank boosted provisions against bad loans as the coronavirus crisis hammers its borrowers.

Pretax profit for January-March was $1.22 billion, versus $1.38 billion in the same period a year earlier, the London-headquartered bank said in a stock exchange filing.

The announcement came a day after bigger cross-town rival HSBC Holdings PLC said its first-quarter profit nearly halved as bad loan provisions jumped to $3 billion. (Reporting by Sumeet Chatterjee in Hong Kong and Lawrence White in London; Editing by Christopher Cushing)

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