Standard Chartered profits take coronavirus hit

UK-based bank Standard Chartered has seen its profits slump as it was hit by the impact of the coronavirus pandemic.
Underlying pre-tax profit fell 25% to $1.95bn (£1.5bn) for the first half of the year as economic weakness drove up the number of bad loans on its books.

The bank’s outlook was also clouded by political unrest in Hong Kong, which is its largest market, BBC reported.

Both Standard Chartered and HSBC have faced criticism over their positions on China’s actions in the city.

The bank also said it had increased the amount of money set aside to cover potential bad loans in the first six months to $1.57bn.

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