Standard Chartered, the British bank with approximately 90% of their profit generated in Asia, has seen its first decline in full year profit for over a decade.
Statutory profit before tax declined 11% to $6.06 billion, a significant drop from the $6.85 billion earned in the same period last year. Most the decline was attributed to writedowns and lower revenue in their South Korea business.
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The bank’s wealth management arm saw slight growth of 2% compared to the previous year, with $1,296 million income in 2013 compared to $1,268 million in 2012.
Peter Sands, group chief executive, said: "2013 was not a great year for Standard Chartered, and 2014 will inevitably have its own challenges, but we are very clear on what we have to do. We are making changes to adapt to the new realities."
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