StanChart to settle US claims with 330m-pound fine - UPDATE
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.
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The company said that a number of markets have shown strong performances in 2012, with Africa, the Americas, UK, Europe, Malaysia, China and Indonesia expected to all grow income at double-digit rates. The group's largest geography, Hong Kong, is forecast for high single-digit income growth.
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."
Consumer Banking income is expected to rise at a mid single-digit rate, while Wholesale Banking income growth will be in the high single digits.
According to analyst Ian Gordon from Investec, today's update suggests a full-year group reported income of $19.3bn, up 9% year-on-year.
Keeping his 'buy' recommendation on the stock, Gordon said: "We expect the actual 2012e outturn to beat current consensus on every line - income, costs, impairments and underlying profit before tax."
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