Standard Chartered shares dropped this morning as the company revealed that its profits before tax had dropped sharply.
The bank today announced underlying profits before tax of $0.8bn (£0.6bn) for its year ended December 2015, down 84 per cent from the year before. After taking costs such as restructuring and goodwill impairment into account, the company made a loss before tax for the year of $1.5bn.
Shares were trading down 1.5 per cent at 429.8p shortly after the market opened this morning.
Commenting on the results, Bill Winters, group chief executive, said:
"While 2015 performance was poor, the actions we took on capital throughout last year and in particular in December have positioned us strongly for the current macro environment. We have a balance sheet that is resilient and we are in the right markets. We have identified our risk issues, and we are dealing with them assertively. We are making good progress on executing our strategy, creating a bank that will generate improved financial performance over time following from our improved cost efficiency, tightened risk controls, and focus on our many core advantages."
The board also confirmed today that it would not be paying a final dividend for the year.