StanChart expects to take another 330m-dollar hit to settle US claims

Emerging markets bank Standard Chartered said it is in on track to deliver another strong set of full-year results this year as it reiterated that it is near to settling claims over Iran-linked transactions with US authorities.

Emerging markets bank Standard Chartered said it is in on track to deliver another strong set of full-year results this year as it reiterated that it is near to settling claims over Iran-linked transactions with US authorities.

Following a payment of $340m made to the New York State Department of Financial Services in August, relating to the breach of US sanctions and hiding of financial transactions with Iran, StanChart reckons that the conclusion of the investigation will result in another fine of around $330m "very shortly".

As for the group's trading performance this year, the bank said that income growth is expected to be in the high single digits, up by a double-digit rate on a constant currency basis.

Chief Executive Peter Sands said: "We continue to focus on the basics of banking, on maintaining a very strong and conservatively positioned balance sheet, and on the disciplined execution of our strategy. We continue to see significant opportunities across our markets in Asia, Africa and the Middle East."

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