LONDON, Feb 24 (Reuters) - Standard Chartered swung back to a full-year annual profit for 2016, the emerging markets-focused lender reported on Friday, as it pared back costs from chief executive Bill Winters’s restructuring program.
StanChart made a statutory pretax profit of $409 million for 2016, after last year reporting its first loss in over a quarter-century on rising costs and bad loans as Winters grappled to deal with the fallout from the lender’s years of exuberant growth.
The result was better than the average analysts’ estimate for a pretax profit of $366 million according to Thomson Reuters data.
“Our financial returns are not yet where they need to be and do not reflect the Group’s earnings potential,” Chief Executive Bill Winters said in the statement.
Since taking the helm in June 2015 Winters has axed more than 15,000 jobs, closed the bank’s stock trading business and overhauled its management team as he seeks to restore a slimmed-down StanChart to growing profitability. (Reporting By Lawrence White. Editing by Andrew MacAskill)