By Margot Patrick 

LONDON-- Standard Chartered PLC narrowed its net loss for 2016 and said its returns should improve this year after a major restructuring.

The bank's net loss for the year was $478 million, less than last year's $2.36 billion, as a sharp fall in bad loans offset declining revenue. Revenue dropped 11% to $13.8 billion from $15.4 billion, in part because of dollar strength against emerging market currencies.

Chief Executive Bill Winters said the bank is on a stronger foundation after cutting costs and selling around a dozen businesses. Mr. Winters is 20 months into a revamp of the bank to shrink parts of its loan book and pull back from riskier activities.

Restructuring costs for the year were $855 million, down from $1.85 billion in 2015. Bad loans were down 41% at $2.38 billion.

Standard Chartered shares are up 12% since the start of the year on expectations stronger commodity markets and rising U.S. interest rates will give its business a boost.

The stock fell 2.5% after the results announcement.

Write to Margot Patrick at margot.patrick@wsj.com

 

(END) Dow Jones Newswires

February 24, 2017 04:20 ET (09:20 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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