Standard Chartered has reported statutory profit before tax of $153m for the third quarter of 2016, down 64.4% from $430m in the year ago period.

The bank’s underlying profit before tax during the period was $458m, compared to a loss of $139m in the corresponding quarter of 2015.

Operating income for the quarter ended 30 September 2016 stood at $3.46bn, a fall of 5.8% from $3.68bn a year ago.

The group’s retail banking arm posted income of $1.18bn for the third quarter of 2016, down 1% from $1.19bn in the parallel quarter of 2015.

Income from transaction banking was $722m, a fall of 9.7% from $800m a year ago. Income from retail products dipped 2.8% to $925m from $952m last year.   

The banking group’s other operating expenses for the third quarter of 2016 dipped 6.8% to $2.11bn from $2.26bn during the same quarter of 2015. Regulatory costs surged 17.3% year-on-year to $278m.

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Standard Chartered group CEO Bill Winters said: “We have made progress executing the strategic actions announced a year ago.

“We now have a stronger balance sheet, reduced concentrations and are becoming more efficient, but income and profit levels are not yet acceptable. Putting our clients' needs back at the heart of everything will improve our performance.”