Standard Chartered on February 23 said earnings should “remain subdued” this year as it reported a $2.36 billion net loss for 2015 as the number of bad loans on its books soared.

The bank, which started a fresh overhaul of its business under new chief executive Bill Winters in November, said bad loans nearly doubled in the year, to $4 billion from $2.14 billion. It made a $2.51 billion net profit in 2014.