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.
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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.
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