By Jonathan Davies
Standard Chartered has reported a 16% fall in profits for the third quarter after restructuring its South Korean business and bad loans.
Standard Chartered is an Asia-focused bank, and the cost of restructuring its South Korean business is believed to have attributed to much of the drop in profits. There was also in increase in the number of bad loans taken out from the bank.
Pre-tax profits were down to $1.5bn (£930m) in the July-September quarter, from the same period last year.
The bank is planning to cut costs by $400m next year and also warned that full-year profits may be affected.
Standard Chartered chief executive Peter Sands, said: “We are executing our refreshed strategy, including reprioritising investments, exiting non-core businesses, de-risking certain portfolios and reallocating capital.
“We also continue to make progress in reshaping Korea. Whilst some of these actions will impact near term performance, they are crucial to getting us back to a trajectory of sustainable, profitable growth.”
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