Banking and financial services company Standard Chartered has reported a 33% decrease in statutory profit before tax to $1.6bn (£1.23bn) in its half-year results.
In the first half of the financial year, ended 30 June, Standard Chartered reported a 25% decrease in underlying profit-before-tax to $1.95bn (£1.5bn) compared with $2.61bn (£2bn)in the same period last year.
The group also reported a 5% growth in income to $8bn (£6.2bn) and said its income is likely to be lower both half-on-half and year-on-year in the second half of 2020.
Net interest income decreased by 9% to $2.5bn (£1.9bn), compared with $2.9bn (£2.2bn) in the same period last year.
Bill Winters, group chief executive said: “I am pleased we have come through the extremely challenging early stage of the Covid-19 crisis with a clean bill of operational health, higher income and lower costs.
“Despite having taken significantly higher impairment charges we remained profitable and entered the next phase of the crisis with our CET1 capital ratio at one of the highest levels for many years.”
He added: “Low interest rates and depressed oil prices continue to be headwinds and we expect new waves of Covid-19 related challenges in the coming quarters but I am confident that our resilience and client franchise will see us through.
“I am encouraged by how well my colleagues are coping and that many clients in some of our larger markets are recovering strongly and already operating at close to their pre-pandemic capacity.”