Standard Chartered Says Revenue Declined in Third Quarter
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Standard Chartered Plc, the U.K. lender that makes three-quarters of its profit in Asia, said third-quarter revenue fell, hurt by its corporate-banking units.
Revenue in the three months to Sept. 30 dropped by a “low single-digit percentage” from the year-earlier period, the lender said in a statement today. Operating profit for the third quarter was “slightly” lower, Finance Director Richard Meddings said on a conference call. Revenue from the asset and liability management unit, which manages funding for the lender, fell 20 percent in the first nine months of the year, dragging down wholesale banking.