Standard Life Aberdeen H1 profit falls 30%
[LONDON] British asset manager Standard Life Aberdeen's pre-tax profit fell 30 per cent to £195 million (S$350.8 million) in the first half due to the impact of the coronavirus pandemic on markets, it said on Friday.
Fee-based revenue dropped 13 per cent to £706 million 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.
Assets under management and administration fell 6 per cent to £512 billion, 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.
REUTERS
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover