StanChart set for record US$7b profit despite Iran fine

Standard Chartered is set to report its 10th successive record annual profit on Tuesday after strong growth in its core Asian markets offset a big fine for breaking sanctions on Iran.

A US$667 million (HK$5.2 billion) fine from US authorities is likely to have wiped out much of the London-based bank’s growth last year, but profits should still rise 4 per cent to US$7 billion (HK$54.3 billion), according to the average forecast of 16 analysts polled by Reuters.

via Business feed http://www.scmp.com/business/banking-finance/article/1179082/stanchart-set-record-us7b-profit-despite-iran-fine