Standard Chartered, the UK bank which reported its first drop in full year profits in a decade in March, saw another drop in profits in the first quarter of 2014.
In their quarterly results, announced today, the group’s operating profit dropped by a ‘high single digit percentage’ which was said to be in line with expectations.
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The wealth management arm saw a low single digit drop, but was ahead of the run rate seen in the second half of 2013 following improved investor sentiment and particularly strong performance in Hong Kong.
Peter Sands, group chief executive, said: "Despite a somewhat challenging external environment, we continue to support our clients’ growth, whilst managing tightly our costs, risks and capital. Our performance so this year is in line with our expectations. On 1st April, we completed the reorganisation announced in January. These changes align the organisation to reflect our refreshed strategic priorities."
Recently, it was reported that Standard Chartered were hoping to offload their Geneva-based private banking arm, as well as five other units, to combat an emerging markets slowdown.
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