Standard Chartered has posted a pre-tax profit of $1.82bn for the first half of 2015, a fall of 44.27% compared to $3.27bn a year ago.
The group’s operating income dropped 8.39% to $8.49bn from $9.27bn in the first half of 2014.
During the period, the bank’s income from retail clients dropped 4.05% to $2.89bn from $3.01bn in the year ago half.
The bank’s income from retail products stood at $2.11bn, a 9.77% decrease compared with $2.34bn a year earlier.
Standard Chartered chairman Sir John Peace commented: "We have delivered good progress on our target of strengthening the Group’s capital ratio and will continue to do so. However, these actions have also impacted our return on equity, and combined with a disappointing earnings performance and the current near term outlook for the Group, the Board has decided to reduce the dividend by 50 per cent.
"The Board and newly announced Management Team are committed to build a business that will deliver significantly better returns for our shareholders."