Standard Chartered reports Q3 profit slump on impairments

HONG KONG/LONDON: Standard Chartered (StanChart) on Thursday said third-quarter pre-tax profit fell by a third, trailing analyst estimates, as tax charges and impairment hit its bottom line.

StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the third quarter of this year fell to $633 million.

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That compared with $996 million a year earlier and the $1.41 billion average of 16 analyst estimates compiled by the bank.