The bank reported a pretax loss of $1.5bn in 2015, compared to a profit of $4.2bn in 2014.
Underlying operating profit before tax declined 84% to $834m and underlying operating income dropped 15% to $15.4bn.
Underlying operating costs, excluding the bank levy and regulatory costs, fell 7% to $9bn, while underlying loan impairment rose 87% to $4bn.
Last year, the bank achieved over $600m of cost efficiencies, including the benefits of businesses sold or exited in the year of about $200m.
The bank has also started its program to deliver an additional $2.3bn in the next three years. Staff numbers have been reduced by more than 6,800 people during 2015.
Standard Chartered CEO Bill Winters said: "While 2015 performance was poor, the actions we took on capital throughout last year and in particular in December have positioned us strongly for the current macro environment.
"We have identified our risk issues, and we are dealing with them assertively.
"We are making good progress on executing our strategy, creating a bank that will generate improved financial performance over time following from our improved cost efficiency, tightened risk controls, and focus on our many core advantages."
The company expects its financial performance to remain subdued during 2016 due to the existing market conditions and the early stage of implementation of the strategy.
Image: Standard Chartered Bank China in Guangzhou. Photo: courtesy of Chintunglee.
