Earnings

Standard Life Aberdeen first-half profit falls 30%

Aberdeen CEO discusses maintaining the dividend despite sharp fall in profits
VIDEO3:2903:29
Aberdeen CEO discusses maintaining the dividend despite sharp fall in profits

British asset manager Standard Life Aberdeen's pre-tax profit fell 30% to 195 million pounds ($256.02 million) in the first half due to the impact of the coronavirus pandemic on markets, it said on Friday.

Fee-based revenue dropped 13% to 706 million pounds due to 2019 outflows, clients switching to lower-fee assets in the tough environment, and a scheduled mandate withdrawal by Lloyds Banking Group. The numbers came in below analysts' expectations of 717 million pounds.

Assets under management and administration fell 6% to 512 billion pounds, hit by the loss of the Lloyds mandate.

SLA said it would pay an interim dividend of 7.3 pence per share, unchanged from a year ago but above a forecast 6.8 pence.