By Daniel Hunter

The Asia-focused UK bank Standard Chartered has reported a 30% drop in annual profits after a "tough year".

Pre-tax profits were down 30% to $4.24bn (£2.76bn). A large portion of that includes losses from bad loans, which grew from $1.62bn to $2.14bn.

There was also a 2% drop in operating income, which was $18.23bn.

Standard Chartered chief executive Peter Sands said it had been a "tough year" which saw the bank issue three profit warnings.

"2014 performance was disappointing, impacted by a challenging market environment and by the significant programme of restructuring and repositioning actions taken during the year," he said.

Last month, Standard Chartered announced a huge reshuffle of its senior leadership. Mr Sands will be replaced by ex-JP Morgan banker Bill Winters.