Standard Chartered halve dividend after profit drop

Standard Chartered halve dividend after profit drop

Standard Chartered (LON:STAN) reported its first half results this morning, announcing an overall fall in pre-tax profits and a decision to halve its dividend.

Cheif Executive Bill Winters, who joined the financial services company in February, said:

“Today’s results show the group has some very real challenges, but they are fixable and it is important to remember that there is a strong business at the heart of the group. The newly announced management team, together with all of our staff, are determined to get the group back on track.”

“If we decide we need capital for the long term benefit of the Group, If we decide we need capital for the long-term benefit of the Group, we will raise capital,” he continued.

Winters said that the company would raise capital externally if necessary as he outlined plans to boost shareholder returns and rebuild capital after continuous drop in profits. Overall pre-tax profits were down $3.2 billion on a year ago.

On Wednesday the the company appointed Mark Smith, from rival HSBC, as its new chief risk officer. Mr. Smith will join the Bank in January 2016.

Standard Chartered is currently trading up 1.08% at 962.90 pence per share.