Standard Chartered has reported statutory profit before tax of $153m for the third quarter of 2016, down 64.4% from $430m in the prior year.
The bank’s underlying profit before tax during the period was $458m, compared to a loss of $139m in the corresponding period of 2015.
Operating income for the quarter ended 30 September 2016 stood at $3.46bn, a decrease of 5.8% from $3.68bn a year ago.
Income from private banking was $125m, a fall of 1.5% from $127m a year earlier. Operating income in the bank’s wealth management unit increased 3.2% to $387m from $375m in the prior year.
The banking group’s other operating expenses for the third quarter of 2016 dipped 6.8% to $2.11bn from $2.26bn during the same quarter in 2015. Regulatory costs surged 17.3% year-on-year to $278m.
Standard Chartered group CEO Bill Winters said: “We have made progress executing the strategic actions announced a year ago.
“We now have a stronger balance sheet, reduced concentrations and are becoming more efficient, but income and profit levels are not yet acceptable. Putting our clients' needs back at the heart of everything will improve our performance.”