Standard Chartered hits a drag on growth

Standard Chartered, the Asia-focused bank, yesterday said first-half profits growth would fall below 10 per cent as it saw rising bad debts and was hit by the strength of the US dollar.

The London-headquartered bank has shown double-digit growth for each of the past nine years with the exception of the post-financial crisis blip in 2010.

At the end of the first three months of this year it was still showing "low double-digit growth in operating profits".

Finance director Richard Meddings reckoned the bank can pull back to 10 per cent-plus growth in revenues for the full year despite external pressures.

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