StanChart profit falls 12% on coronavirus crisis

FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip

HONG KONG/LONDON (Reuters) – Standard Chartered PLC (STAN.L) said on Wednesday its first-quarter profit tumbled 12%, as the emerging markets-focused bank boosted provisions against bad loans as the coronavirus crisis hammers its borrowers.

Pretax profit for January-March was $1.22 billion, versus $1.38 billion in the same period a year earlier, the London-headquartered bank said in a stock exchange filing.

The announcement came a day after bigger cross-town rival HSBC Holdings PLC (HSBA.L) said its first-quarter profit nearly halved as bad loan provisions jumped to $3 billion.

Reporting by Sumeet Chatterjee in Hong Kong and Lawrence White in London; Editing by Christopher Cushing

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