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Standard Chartered profits up despite China, Russia headwinds
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fnlondon.comStandard Chartered’s first-quarter profit edged up by 4%, thanks to recovering interest income and better cost efficiency, even though the bank sharply raised credit impairment charges to reflect China’s property sector risk and the impact of the Russia-Ukraine war.
Standard Chartered’s move to dial up credit impairments was in line with its peer HSBC, which earlier this week also made large provisions in the first quarter for souring loans in Russia and China.
The...
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