Standard Chartered just announced a 16% drop in profits for Q3, compared to the same three months last year.
And the bank’s shares are tanking in London as markets open this morning, down 6.35%.
Earnings before tax are down to $US1.53 billion, and profits for the nine months of the year so far are down by nearly a fifth from 2013.
That’s partly down to the slowdown in Asian economies. China’s growth dropped to 7.3% in the third quarter and is expected to slow even further.
It’s not the first disappointment for Hong Kong’s oldest bank. CEO Peter Sands calls trading conditions “subdued,” and the results say that the “market environment remains challenging.”
It’s not the the first disappointment for Standard Chartered. The bank warned investors about its profit outlook earlier this year, and its share price was down by more than a quarter so far this year before the results came out: