StanChart's income for 2013 seen to end flat

But that's just the tip of the ice berg.

According to CCBI Research report, StanChart's income for the full-year is expected to be flat given continued pressure in Financial Markets and ongoing weakness in Wholesale Banking, particularly in own-account income.

Here's more:

Standard Chartered’s (StanChart) FY13 pre-close statement was disappointing as difficult market conditions that began in August have persisted into the fourth quarter.

The culprit was lower wholesale income as weaker own-account income (particularly in Financial Markets) disappointed, falling sequentially from 3Q13 levels.

As the market was expecting a bounce-back quarter, the share price is likely to react negatively. An attractive entry point may present itself shortly, however, as 4Q13 could potentially be a ‘kitchen sink’ quarter.

Consumer Banking operating profit is now expected to be down by a double-digit rate dragged by Korea, where the operating loss for the year is likely to approach US$200m.

Full-year Group NIM will be lower than 2012 levels, consistent with our forecast. We see full-year margins compressing 8bp to 2.18%

Korean CB income is likely to be down 15% YoY and depreciation of EM currencies against the USD will reduce income and profit by ~1%.