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StanChart ends decade of annual profit growth

Jerome Favre | Bloomberg | Getty Images

Standard Chartered reported disappointing profits of $6.95 billion for 2013 Wednesday.

The Asia-focused bank was expected to report profits of $7.1 billion, down from $7.5 billion in 2012, ending a decade of annual profit growth.


Analysts have already labeled 2013 StanChart's "annus horribilis" after problems in its Korea business and a slowdown in Asian growth. The bank has already announced a restructuring and the departure of two key board members in the light of this.

The company did not comment on asset disposals, which are believed to be part of its restructuring, in its statement Wednesday. It reiterated the strength of its capital position, addressing market concerns that it may need a rights issue.

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