Standard Chartered reports $1.05 bn Q1 profit
Standard Chartered reports $1.05 bn Q1 profit: Asia-focused bank Standard Chartered on Wednesday said its first quarter pre-tax profit nearly doubled compared to the same period last year, benefiting from the dampened effect of bad loans.
Chief executive Bill Winters said the bank made “good progress” for the quarter, following a swing back to profitability in 2016 after it saw its first annual loss since 1989 in 2015.
Late that year, it announced it was re-focusing on “affluent retail clients” and would exit or restructure $100 billion of assets.
The bank also said in 2015 it would cut 15,000 jobs around the world.
“The significantly increased profit before tax results from particularly low loan impairment and our focus on cost control,” Winters said.
He replaced former CEO Peter Sands after shareholder calls for a boardroom cull following profit warnings.
Underlying pre-tax profit was at $1.05 billion for the first three months of the year, almost double that of the same period last year and beating five analysts’ average estimate of $850 million.
The London-based bank said loan impairment was “unusually low” at $198 million, down 58 percent year-on-year.
“We remain cautious about credit conditions in our markets,” it said in a filing to the Hong Kong stock exchange.
Its shares on the London Stock Exchange, where it is also listed, were up 2.98 percent in morning trade after the announcement.
Standard Chartered reports $1.05 bn Q1 profit
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Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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