StanChart Q3 profit falls 16%; plans cost cuts

Hong Kong

STANDARD Chartered Plc said operating profit for the third quarter dropped 16 per cent and earnings would fall in the second half as a whole, hurt by a jump in bad loans and higher regulation and compliance costs.

The Asia-focused bank also said on Tuesday it would target a further US$400 million in cost reductions for 2015, as it reshapes itself to combat a downturn in emerging markets which had previously been a tremendous engine of growth, driving it to 10 straight years of record profits before 2013.