Standard Chartered (LON:STAN) shares fell nearly 5 percent in early morning trading, despite reporting an 82 per cent rise in profits in the first half of the year.

Revenues rose 3 per cent at $7.2 billion, with loan impairments halved to $655 million. The group reported an 82 per cent rise in first-half profits to $1.8 billion, despite a 7 percent growth in operating expenses.

The bank saw a 5 per cent growth in its loan book, driven by growth in corporate finance, trade finance and mortgages.

Bill Winters, chief executive, said:

“We have had an encouraging start to 2017, making steady progress against our strategic objectives…we are stronger, leaner and becoming more efficient. We go into the second half of the year confident in our resilience and in our ability to generate better value for our clients and shareholders.”

However, shares fell 5 percent as investors express frustration at how long the bank’s turnaround it taking. Standard Chartered has suffered significantly over the last couple of years, after being hit by US fines in 2012.

Shares in the bank are currently down 4.51 percent at 808.50 (1028GMT).