Standard Chartered: Emerging Market FX Profits Hit By Lower Trading Volumes
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LONDON--Foreign exchange trading pre-tax profits at Standard Chartered slumped 44 per cent for the financial year ended December 31, 1999 compared with the 1998 financial year.
This was a drop to £218 million ($353 million), from £386 million ($641 million) the year before.
The bank attributes the fall in profits to the return of stability in the Asian emerging markets.
Rana Talwar, chief executive at the bank in London, says the results were expected.
"We anticipated that foreign exchange profits
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