atans1

HoHoHo: StanChart refuses to resume dividend

In Banks, Temasek on 03/08/2017 at 5:51 am

Global investors buy banks for the yield but StanChart stopped paying dividends last yr.

For yrs, Temasek  looked good because the bank was minting money regularly with double-digit growth in revenues and profits: even during the banking crisis that hurt Temasek’s other ang mohbanking investments (Barclays and Merrill Lynch). But then two yrs ago, it suffered heavy losses on some of its vast loans to risky Asian companies in Indonesia and India.

Standard Chartered PLC said it isn’t ready to start paying dividends again but will reconsider it at the end of the year.

The Asia-focused bank’s shares fell 4% after it said it still has a long way to go to improve returns, despite improvements in underlying profits.

First-half revenue rose to $7.2 billion from $6.8 billion a year earlier. Revenue in the second quarter met analysts’ expectations, at $3.6 billion. Net profit for the first half climbed to $971 million from $465 million a year earlier.

http://www.marketwatch.com/story/standard-chartered-dividends-remain-suspended-2017-08-02

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