Standard Chartered for 9 months reduced the profit by 11.6%

Standard Chartered for 9 months reduced the profit by 11.6%


In the third quarter, the company made a profit of 3,682 billion, which is 18.4% less than in the same period last year.

MOSCOW, 3 Nov. Banking group Standard Chartered in the first nine months of 2015 has reduced profit by 11.6% to 12,177 billion, said in a release financial companies.

Profit before taxes amounted to $ 1,685 billion dollars, a decrease of 2.85 times. Operating profit before deduction of impairment losses and taxation for January-September amounted to $ 4,636 billion, which is 25% less compared to the same period in 2014.

In the third quarter, the company made a profit of 3,682 billion, which is 18.4% less than in the same period last year. Loss before taxes was $ 139 million against a profit of $ 1.53 billion a year earlier. Operating profit before deduction of impairment losses and taxation for the July-September amounted to 1,183 billion, which is 40.5% less than in the same period of 2014.

“The business environment in our markets remains challenging and our disappointing recent performance,” said Standard Chartered CEO bill winters (Bill Winters). He explained the weak financial performance by lower commodity prices, the slowdown in China’s economic growth, reduced client activity and challenging market conditions.

Along with this, the Bank announced the issue of new shares in order to receive 5.1 billion dollars, and also about the upcoming strategy review of its work. So, the Bank intends to restructure some of its divisions. The restructuring is expected to insure the Bank from potential losses due to the elimination of non-strategic businesses and assets, redundancy costs and will save approximately $ 3 billion by the end of 2016.

Banking group Standard Chartered was formed in 1969 in London. She currently works in 71 countries, the number of employees exceeds 90 thousand people.