The retail banking arm of Standard Chartered (StanChart) has posted an operating income of $5.58bn for the year 2015, down 7% compared to $6.01bn in 2014.

Operating profit before impairment losses and taxation was $1.41bn, a 29.6% decline from $2.01bn in 2014.

The unit’s net interest income dropped 17.4% to $3.4bn from $4.11bn a year ago. Non-interest income stood at $2.12bn, a rise of 11.5% from $1.9bn a year ago.

Operating expenses increased 4.1% to $4.17bn from $4bn in the prior year.

Overall, the banking group reported a pretax loss of $1.52bn for 2015, compared with a pretax profit of $4.23bn a year ago. Underlying profit before tax fell 84% to $834m.

The group’s operating income dropped 15.3% to $15.44bn from $18.24bn in 2014.

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StanChart Group CEO Bill Winters 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."