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Standard Chartered's half-year profits drop 20% Standard Chartered faces further US fine
(35 minutes later)
Standard Chartered has said first-half profits were 20% lower than a year earlier, after income from its financial markets business slumped. Standard Chartered warned it faces more US fines over its money-laundering controls as it reported a 20% fall in half-year profits.
Profit before tax fell to $3.3bn (£1.96bn) and was "clearly not as good" as in previous periods, the bank said. US regulators have identified new problems with the bank's surveillance system, the bank said.
The bank had warned in June its half-year results would be "disappointing". It faces a monetary penalty, remedial action and an extension of a two-year monitoring period.
Earlier this year chief executive Peter Sands was reportedly under pressure from investors to step down. The bank agreed a $340m fine in 2012 after it was accused of hiding $250bn of transactions with Iran.
The disclosure that it could face another penalty comes almost exactly two years after the bank and the New York State Department of Financial Services (DFS) settled the first fine.
The New York regulator and Standard Chartered are in discussions about fixing the surveillance systems, the bank said.
Standard Chartered revealed the prospect of further fines as it reported first-half profits that were 20% lower than a year earlier, in line with previous guidance.
Profit before tax fell to $3.3bn (£1.96bn), after income from its financial markets business slumped.
Standard Chartered chairman Sir John Peace said the results were "clearly not as good" as in previous periods.
The bank had warned in June that its half-year results would be "disappointing".
Earlier this year, chief executive Peter Sands was reportedly under pressure from investors to step down, but was backed by the board.