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Standard Chartered said its profit fell 29% in the first quarter owing to a significant rise in credit impairments linked to the Covid-19 crisis.
Pre-tax profit for the three months through March slumped to $0.9bn and included a $249m goodwill impairment related to a downward revision of the bank's Indian economic growth forecasts.
Underlying pre-tax profit fell 12% to $1.2bn, or by 36% on a constant currency basis.
Credit impairments jumped to $962m, up from $78m on-year.
'The unique characteristics of the Standard Chartered franchise are coming through strongly as the impact of Covid-19 evolves,' chief executive Bill Winters said.
'While sentiment globally is extremely depressed now, the uniqueness of this franchise and the work we have done since 2015 to secure its foundations gives me confidence that we can come through the crisis with strength.'