StanChart Takes Bullish View on Bad Loans in Second Half

Bank has set aside $1.57 billion for potential 1H loan losses
Asia focused lender cautions on uncertain economic backdrop

Watch: Bill Winters, chief executive officer at Standard Chartered Plc, discusses the company’s loan loss provisions, the potential for worldwide job cuts, dividend and the challenges he’s facing from Hong Kong’s national security law imposed by China.(Source: Bloomberg)

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By Harry Wilson and Alfred Liu

July 30, 2020 at 4:23 AM UTC

Updated on

July 30, 2020 at 8:27 AM UTC

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Standard Chartered Plc delivered earnings that topped estimates and said the worst of its bad-debt charges have passed.

The Asia-focused lender set aside $1.57 billion for potential loan losses in the first six months and said second-half provisions will be lower, even as the pandemic wreaks havoc, according to a statement on Thursday.