Even as Standard Chartered posted an 11 percent on-year decline in pre-tax profit for 2013, the bank's Asia CEO told CNBC they are still in a position to dole out higher dividends.
The Asia-focused lender reported disappointing pre-tax profit of $6.06 billion on Wednesday, weighed by a $1 billion write down on its South Korean business. The results ended a decade of profit rises leading analysts to brand 2013 as the bank's "annus horribilis."
"I just want to put it in perspective. We've still had a very good year, we've made about $19 billion in income, [and] we made about $7 billion in profits. So we thought that the shareholders, who have put up with a lot, only deserve to have a dividend," Jaspal Bindra, chief executive officer for Asia told CNBC Asia's Squawk Box on Thursday.
The London-headquartered bank, which makes 90 percent of its profit in Asia, the Middle East and Africa, said it would tackle profit losses by embarking on a restructuring strategy involving selling businesses that are too small or unprofitable, and by combining the bank's retail and wholesale businesses.
The bank also plans to cut its bonus pool by 15 percent to $1.2 billion as CEO Peter Sands said he would also be taking a hefty cut to his bonus.
"We cut the company bonus pool largely at the top end because it has to the reflect drop in performance in previous year, but it's under very difficult circumstances," added Bindra.
(Read more: Standard Chartered profits sag)