Answer to Question #233045 in Economics for Sammy

Question

Explain Stanchart’s performance in 2020.

Answer 1

The revenue of the British bank StanChart, which continues to recover from the financial crisis with a great lag behind competitors, in the first half of the year grew by 6% - to $ 7.2 billion, net profit jumped more than twice - to $ 971 million from $ 465 million a year earlier.

The bank's return on equity rose to 4.5% from 2.1% a year earlier, which, however, is still well below the long-term target of 10%.

In a press release, StanChart notes that the board of directors is encouraged by the bank's financial performance for the first half of the year. However, the council takes into account that the current uncertain situation in terms of certain regulatory requirements may become clearer in the coming months, this may affect the bank's capital indicators.

"The board of directors will consider whether or not to resume dividend payments at the end of this year," StanChart said in a press release.