Standard Chartered drops after annual profit misses estimates

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Standard Chartered Bank's head office in London. (Picture: AFP)
Standard Chartered Bank's head office in London. (Picture: AFP)

London - Standard Chartered posted annual profit that missed analyst estimates as the bank took losses on a private-equity business that it’s shutting down and said efforts to clean up conduct issues affected performance. The shares fell as much as 5%.  

Pretax profit for 2016 was $409m, compared with a loss of $1.52bn a year earlier, the London-based company said in a statement Friday.

Operating profit excluding one-time items was $1.09bn, missing the $1.42bn average estimate of 13 analysts surveyed by Bloomberg.

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