Asia-Pacific News

StanChart says 2013 income flat after Asia slowdown

Simon Dawson | Bloomberg | Getty Images

Asia-focused bank Standard Chartered said its income this year is likely to be similar to 2012 after a slowdown in Asian growth in the last five months.

"Difficult market conditions that began in August have continued in the second half and are likely to remain through to the year end. This has had a significant impact on business performance in the second half, in particular in Financial Markets," the bank said in a trading update.

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"Income for the full year is expected to be broadly flat on 2012," it added.

The bank, which makes more than 90 percent of profits in Asia, Africa and the Middle East, has reported 10 consecutive years of record income and profits but last month scaled back its income growth target for the next couple of years as slower economic growth and tougher regulations bite.