Standard Chartered on April 26 said last year’s spike in bad loans eased in the first quarter, reassuring investors who feared there would be more bad news after a rough 2015 for the Asia-focused bank.

Impairment losses were $471 million in the first three months of the year, around the same as the first quarter of 2015. The figure had soared to $1.13 billion in the last three months of 2014 as the bank marked down loans in India and to commodities companies.