Standard Chartered Bank expects first-half revenue and pre-tax profit growth to drop below 10 per cent from a year ago as regional currencies weaken against the US dollar and key economies slow down.
'Local currency weakness is expected to drag group income by over 2 per cent, with the Indian rupee being a major contributor,' the bank said in a statement filed with the Hong Kong exchange yesterday.
Most of its income comes from Asia, the Middle East and Africa.
Standard Chartered said in March that it was aiming for 'double-digit growth' in revenue again this year after booking record annual profits for a ninth consecutive year in 2011 despite setbacks in two of its largest Asian markets - South Korea and India.
Net profit rose 12 per cent to US$4.85 billion last year on the back of strong consumer banking growth.
It expects first-half double-digit income growth in South Korea as a result of a US$70 million property sale, the statement said. Cost pressures remain but are easing thanks to a regional early retirement push.