HONG KONG (Business News) - Standard Chartered (STAN.L) said on Wednesday its first-quarter income grew less than its previous 10 percent target, as the strength of the dollar against Asian currencies impacted income growth.
London-based Standard Chartered (2888.HK), which gets about four-fifths of its income in Asia, also said it saw high single-digit income growth in the wholesale banking division.
The bank does not issue full quarterly numbers, and releases its earnings twice a year. The bank reported a ninth consecutive year of record earnings on February 29, as buoyant growth in Hong Kong and Singapore more than made up for an increase in staff costs.
Standard Chartered was dragged into the dispute over top executive compensation when British advisory group Pirc said investors should vote against the bank's proposed pay plan at its May 9 annual meeting, citing the award for Mike Rees, head of wholesale banking.
The announcement followed a shareholder revolt at another British bank, Barclays (BARC.L), over boardroom pay.
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