Standard Chartered has reported a pre-tax profit of $589m for the first quarter of 2016, a decrease of 59.2% compared to $1.44bn in the year-ago quarter.
For the quarter ending 31 March 2016, the bank’s operating income stood at $3.34bn, a fall of 24.3% from $4.42bn in the prior year.
Total operating expenses dropped 10.1% year-on-year to $2.25bn from $2.50bn, the bank said in its interim management statement.
The bank’s transaction banking income stood at $729m, a 17.7% decline from $886m during the first quarter of 2015.
Income from retail clients decreased 18.8% to $1.21bn from $1.49bn in the prior year, while income from retail products was down by 20.6% to $927m from $1.17bn a year earlier.
Standard Chartered Group CEO Bill Winters said: "Although trading conditions in the first quarter remained challenging, we continue to make good progress on our strategic objectives. The management team is in place, we are taking action to improve recent income trends, managing costs tightly, progressing on key investments, making early progress on the exit of the liquidation portfolio, and maintaining strong levels of capital and liquidity."