Standard Chartered shares slump after profit warning

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Shares in banking giant Standard Chartered tumbled in Hong Kong on Thursday after it warned that operating profit could fall at least 10 percent this year.

The Asia-focused lender said it had been adversely affected by weakness in its South Korean business, which had tempered improvement elsewhere.

Because of this, it said operating profit in the consumer banking arm would be down by "a double digit rate" from last year's US$1.75 billion. It also said wholesale banking profit would be flat.

The news sent the bank's shares tumbling six percent in early trade before recovering slightly to end the morning session 4.38 percent lower.

Good performances in Africa and India had been offset by weak performances particularly in South Korea, where the bank has been hit a government program that lets people with debt problems restructure their loans.