KONTAN.CO.ID - HONG KONG. Standard Chartered booked a robust 46% jump in annual profit but warned a key earnings target would take longer to meet as the coronavirus epidemic adds to headwinds in its main markets of China and Hong Kong.
The epidemic could lead to a rise in bad loans, it said but did not provide specific guidance on the potential impact. Rival HSBC Holdings said last week it could face loan losses of up to US$ 600 million if the virus outbreak persists into the second half of the year.
"The outbreak of the novel coronavirus comes with unpredictable human and economic consequences," Chief Executive Bill Winters said in a statement.