DIRS.INFO The most relevant business & tech news

☆ Standard Chartered's CFO says China commercial real estate 'clearly has been problematic'
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStandard Chartered's CFO says China commercial real estate 'clearly has been problematic'Andy Halford, CFO of Standard Chartered, says the bank remains committed to China, despite losses in the country hitting its third-quarter earnings.

Persons: Andy Halford Organizations: Standard Chartered Locations: China

☆ Standard Chartered shares slide 12% as China losses hit earnings
▼ + stars: | 2023-10-26 | by ( Katrina Bishop | ) www.cnbc.com time to read: +2 min

watch nowStandard Chartered shares slid Thursday as the bank's big bet on China hit a stumbling block, leading to significant losses in the country. Shares of the Asia-focused bank tanked as much as 17% in early deals, sparking a temporary halt in trade. The result was hit by the bank slashing the value of its investment in China Bohai Bank by $697 million. Standard Chartered also announced a credit impairment charge of $294 million — up $62 million on the year — including a $186 million charge relating to the China commercial real estate sector. Stock Chart Icon Stock chart icon Standard Chartered sharesStandard Bank Chief Financial Officer Andy Halford on Thursday told CNBC's "Squawk Box Europe" that the "overall performance of the bank is very strong," despite the China news.

Persons: Andy Halford, CNBC's, Halford, " Halford Organizations: Chartered, China, China Bohai Bank, Bank Locations: Asia, London, China Bohai, China

The U.K.-headquartered bank, which earns most of its revenue in Asia, booked July-September statutory pretax profit of $633 million. That compared with $996 million a year earlier and the $1.41 billion average of 16 analyst estimates compiled by the bank. China Bohai booked a 17.8% fall in January-June net interest income, leading to a nearly 7% decline in its overall profit, according to company filings. StanChart's Chinese real estate exposure totalled $2.7 billion, down $200 million from the previous quarter. StanChart has recently had "no contact" with FAB, Chief Financial Officer Andy Halford told reporters on a conference call on Thursday.

Persons: Peter Nicholls, StanChart, China Bohai, Andy Halford, Jefferies, Joe Dickerson, Dickerson, Selena Li, Lawrence White, Christopher Cushing Organizations: Chartered, REUTERS, Bank, Bohai, China Bohai Bank, HK, Abu Dhabi Bank, Thomson Locations: London, Britain, Bohai Bank, China, HONG KONG, China Bohai, Russia, Ukraine, Asia, Tianjin, StanChart

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. The change in CFO will not likely impact Winters' departure timing greatly, Britzman said, with the StanChart CEO more focused on hitting the lender's key performance goals. De Giorgi previously held senior roles at Bank of America Merrill Lynch, including head of global investment banking. Before then, he worked in equity capital markets and financial institutions at Goldman Sachs (GS.N), rising to become chief operating officer for the investment bank by the time of his departure in 2012. That long period of underperformance has seen the bank's shares fall nearly 30% since Winters took over as CEO in June 2015.

Persons: Peter Nicholls, Diego De Giorgi, Andy Halford, De Giorgi, Halford, Matt Britzman, Hargreaves, Bill Winters, Frederic Oudea's, Winters, Britzman, We've, Bank of America Merrill Lynch, Goldman Sachs, Joe Dickerson, StanChart, underperformance, Iain Withers, Lawrence White, Radhika Anilkumar, Bernadette Baum, David Holmes Organizations: Chartered, REUTERS, Bank of America, Pegasus, British, Societe Generale, Goldman, Jefferies, Thomson Locations: London, Britain, Pegasus Europe, Asia, Africa, Bengaluru

☆ China's economy is still slow, but we're not a bank for the average citizen: Standard Chartered CFO
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy is still slow, but we're not a bank for the average citizen: Standard Chartered CFOAndy Halford, CFO of Standard Chartered, discusses the bank's latest set of results.

Persons: we're, Andy Halford Organizations: Standard Chartered

Lenders wasted little time in charging more for loans when interest rates rapidly rose from an almost 15-year slumber around zero last year, but most have dragged their feet on boosting deposit rates paid to millions of their customers. Money market funds are proving popular among savers seeking bigger returns on their cash as high levels of inflation persist. Data from Refinitiv Lipper showed more than 34 billion euros ($37.6 billion) of net flows into European money market funds in March, the best-selling asset type that month. Fidelity International also reported an 8% year-on-year uplift in flows into money market funds on its investment platform between Jan. 1 and April 26. Some lawmakers have criticised banks for the mismatch between what they charge borrowers and the interest rates offered to savers.

HONG KONG, April 26 (Reuters) - Standard Chartered PLC (StanChart) (STAN.L) on Wednesday said first-quarter profit jumped 21%, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses. The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors. StanChart, which earns most of its revenue in Asia, said January-March statutory pretax profit reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. The bank said it saw signs of stabilisation in China's troubled commercial real estate market, with no increase in credit impairment from the previous quarter.

☆ Deposit levels extremely stable at Standard Chartered, says CFO
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeposit levels extremely stable at Standard Chartered, says CFOAndy Halford, chief financial officer of Standard Chartered, discusses the company first-quarter results.

☆ Standard Chartered plans hiring spree in Hong Kong as it sees a 'pickup' after Covid
▼ + stars: | 2023-02-21 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Standard Chartered is going on a hiring spree in Hong Kong this year, in a sign of renewed confidence in its biggest market as the city reopens its border with mainland China. The British bank said it would add 300 to 500 employees to its ranks of roughly 5,500 to 5,800. Standard Chartered (SCBFF) Hong Kong CEO Mary Huen said the new recruitment drive would position the bank to capitalize on the reopening of the city’s border with mainland China. China fully reopened its borders with its special administrative regions of Hong Kong and Macao this month, in what is expected to be a major boost for the economies of the two cities. Hong Kong is also its biggest market.

☆ Business in China 'has been very strong': Standard Chartered CFO
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBusiness in China 'has been very strong': Standard Chartered CFOAndy Halford, CFO of Standard Chartered, discusses the bank's third-quarter results and solid business performance in China as well as the benefits of rate hikes amid fears of a global recession.

Search resuls for: "Andy Halford"

11 mentions found