Standard Chartered has registered a pre-tax profit of $1.46bn for the first quarter of 2015, a fall of 22% from $1.87bn in the first quarter of 2014.
In an interim management statement, the bank said that its operating income dropped 4% year-on-year to $4.39bn from $4.57bn in the same period a year ago.
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The bank’s transaction banking income amounted to of $886m, down 5% from $935m during the same quarter in 2014.
Income from retail clients has increased marginally by 2% to $1.5bn and the bank registered an income of $1.1bn in the quarter from retail products, down 4% from the first quarter of 2014.
Standard Chartered group CEO Peter Sands said: "Trading conditions remain challenging and the actions we are taking to de-risk, cut costs and build capital are having an impact on near term performance. However, underlying business volumes generally remain strong."
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