LONDON (AP) — Standard Chartered PLC says its operating profit for the first nine months has been badly dented by a settlement with a U.S. authority over alleged sanctions violations.
The bank agreed in August to pay $340 million to a New York regulator to settle accusations that it hid illegal transactions with Iran and violated U.S. sanctions law. Investigations by other U.S. agencies are continuing.
In a trading update, the bank said Tuesday that the payment pushed operating profit down into the mid-single digits from the mid double-digit range.
Standard Chartered did not release detailed earnings and income figures for the period.
Its shares were down 1.2 percent at 1,480 pence in London trading.