Standard Chartered 2014 Profit Drops

reported a drop in its profit for 2014. Standard Chartered's net profit for the year slipped 37% to $2.51 billion, versus a year-ago profit of $3.99 billion. Normalised earnings per share dropped 28% to 145.9 cents versus 204.0 cents. Its pre-tax profit fell 30% to $4.24 billion from $6.06 billion, while adjusted pretax profit dropped 25% to $5.2 billion compared to $7 billion. Standard Chartered's board recommended a final dividend of 57.20 cents for 2014. Group Chief Executive of Standard Chartered Peter Sands, said: "2014 was tough year and our performance was disappointing. We are taking action in response - sharpening the strategy, reconfiguring the organisation, cutting costs and redeploying capital. By executing on this agenda, we are confident that we can return to a trajectory of sustainable, profitable growth, delivering returns above our costs of capital." Standard Chartered shares gained 0.07% to close at $15.03 yesterday.