Standard Chartered warns H1 profits to stay 'challenged'

Wednesday 05 March 2014 08.51
Standard Chartered's pre-tax profit was $7 billion in 2013, down 7% from the year before
Standard Chartered's pre-tax profit was $7 billion in 2013, down 7% from the year before

Standard Chartered said it expects income and profits to remain "challenged" in the first half of this year after the Asia-focused bank today reported its first drop in annual profits for a decade.

The bank also said that it cut its bonus pool last year by 15% from 2012.

It said it expects "modest growth" in 2014, but said market and trading conditions will remain difficult. 

"While current performance momentum is ahead of the second half of last year, performance in the first half of 2014 will remain challenged both at an income and profit level," Standard Chartered said in its results statement.

The bank said its pre-tax profit was $7 billion in 2013, down 7% from the year before. 

It had warned in December that profits would fall due to losses in Korea, weak investment banking income and a slowdown in Asia's economic growth.