ASIA focused bank Standard Chartered has seen its quarterly profit tumble 16 per cent as trading conditions in the world's emerging markets continue to ease.
The London-listed lender, which makes three quarters of its profits in Asia, said it was "watchful" over conditions in the once booming markets of India and China.
It also warned underlying profits in the second half of the year would be lower than last year due to higher regulatory charges, subdued trading and other costs.
The bank said third-quarter operating profits fell to £931 million after corporate and institutional bad loans increased as a result of weak commodity markets. The firm said it is exiting non-core businesses and will cut over £248m of costs for 2015. Chief executive Peter Sands said the moves were necessary to return to sustainable and profitable growth.
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