StanChart to hit record profits despite US woe

 
Tim Wallace
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STANDARD Chartered has overcome its regulatory troubles comprehensively and is on track to record a tenth consecutive year of record profits, analysts predicted yesterday.

The bank was hit by surprise accusations of breaking US sanctions on Iran last August, paying US authorities more than $600m (£374.5m) to settle the claims.

But analysts expect a better 2013.

“We expect Standard Chartered to deliver double-digit revenue and earnings per share growth through 2013-15,” said Ian Gordon from Investec, praising the bank’s growth in Hong Kong and its steady consumer arm.

“We also see Standard Chartered as well capitalised, highly liquid and low risk relative to sector peers.”

Bank of America’s Michael Helsby also backed Standard Chartered, predicting bad debts at the bank will stay low while revenues will accelerate again in 2013.