Standard Chartered has posted a pre-tax profit of $1.46bn for the first quarter of 2015, a fall of 22% from $1.87bn in the first quarter of 2014.
The bank in its interim management statement said that its operating income dropped 4% year-on-year to $4.39bn.
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Operating expenses stood at $2.46bn, a marginal rise of 1% from $2.45bn a year earlier.
For the first quarter ended 31 March 2015, the bank’s private banking arm posted an operating income of $152m, down 4% as against operating income of $158m posted a year ago.
Operating income in the wealth management segment was $456m, up 21% compared to $378m in the corresponding quarter of 2014.
Standard Chartered group CEO Peter Sands said: "We are on schedule to deliver a Common Equity Tier 1 ratio of between 11% and 12% and sustainable cost saves in excess of US$400 million in 2015. Trading conditions remain challenging and the actions we are taking to de-risk, cut costs and build capital are having an impact on near term performance.
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By GlobalData"However, underlying business volumes generally remain strong. We remain confident in the strength of our franchise, the opportunities in our markets and in our ability to build returns to an attractive level in the medium term."
