London-headquartered Standard Chartered saw its full year 2023 FY 2023 profits rise 19% to $5.09 billion with overall revenue growing 10% to $17.38 billion, according to a company results announcement on February 23, 2024.
Across the year the bank took a $850 million impairment from its stake in Chinese lender Bohai Bank, based in Tianjin, as the downturn in the Chinese property market continued. This included a $153 million hit in Q4 2023.
The hit in China came days after HSBC announced a $3 billion impairment charge against its investment in China's Bank of Communications in Q4 2023,...
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