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Standard Chartered due to post gains though cost pressures loom
STANDARD Chartered is expected to post an annual pre-tax profit of more than $6bn (£3.7bn) on Wednesday, a 15 per cent increase on 2009, though ballooning costs are also forecast.
Analysts expect revenues to rise by more than four per cent to £9.8bn, though the bank warned in December that cost growth is set to exceed income gains for the year due to increasing regulatory expenses and the rising cost of attracting staff.
Chief executive Peter Sands said in a recent update that the bank expects double-digit profit growth for both its consumer and wholesale banking divisions.
Charles Stanley analyst Nic Clarke, who expects pre-tax profit of $6.15bn, said the market will look to see whether the bank will overcome recent slower income growth.