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Standard Chartered profit tumbles | Standard Chartered profit tumbles |
(35 minutes later) | |
Asia-focused bank Standard Chartered has reported a 44% drop in half-year profits. | Asia-focused bank Standard Chartered has reported a 44% drop in half-year profits. |
Pre-tax profits fell to $1.82bn (£1.17bn) in the first half of the year as "adverse loan impairment trends continued to impact performance". | Pre-tax profits fell to $1.82bn (£1.17bn) in the first half of the year as "adverse loan impairment trends continued to impact performance". |
Revenue for the first half of 2015 was $8.5bn, down 8% from the previous year. | |
The UK-listed bank halved its dividend to 14.4 cents per share, and did not rule out the possibility of raising more money from investors. | |
As well as declining revenue, higher charges for bad loans hit its profits, the bank said. | |
Hit by slowing growth in emerging markets, the bank hired former JP Morgan banker Bill Winters as chief executive, replacing former chief Peter Sands in June. | |
'Getting back on track' | |
Mr Winters used his first results presentation in charge to outline some of his plans for the bank. He said he would simplify Standard Chartered with a "new management team and simpler organisational structure". | |
The bank has already exited some businesses in Hong Kong, China and Korea, booking a gain of $219m dollars and improving its capital position. | |
The bank hired Mark Smith from Asia-focused rival HSBC to join as new chief risk officer. | |
The dividend cut will help the bank strengthen its capital base - a safety net protecting it from unexpected financial knocks. | |
The lender's core tier-1 measure of high-quality capital compared with assets rose to 11.5%, hitting its target six months early. | |
Even so, Mr Winters would not rule out raising more if needed. | |
"If we decide we need capital for the long-term benefit of the group, we will raise capital," he said. |