Standard Chartered has put aside $190mn to hedge against potential risks from the US-Israeli war on Iran, in one of the most tangible signs of the conflict’s impact on global financial institutions, but maintained its guidance for the year.
The Asia-focused bank said on Thursday it had made “precautionary management overlays” and raised its internal forecast of the probability of a “sustained Middle East conflict” to 70 per cent.
The decision came as the UK lender reported record quarterly pre-tax profits of $2.5bn for the first quarter, up 17 per cent year-on-year and just above company-compiled analyst forecasts.
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