Standard Chartered joins HSBC in coronavirus profit warning

The slump in Asia, which accounts for the majority of the bank’s earnings, will contribute to 2020 revenue growth falling short of its target, according to a statement on Thursday.

LONDON/SINGAPORE: Standard Chartered Plc is bracing for the impact of the coronavirus outbreak and a weakened Hong Kong economy on the Asia-focused lender’s business.

The slump in Asia, which accounts for the majority of the bank’s earnings, will contribute to 2020 revenue growth falling short of its target, according to a statement on Thursday. Standard Chartered, which also announced a buy back of shares, will also no longer meet a key profitability goal for next year, the London-based bank said.