Mubasher: London-based Standard Chartered on Tuesday reported turning a profit in 2017 and returning to dividend distributions.

Profits reached $774 million last year, versus losses of $478 million in 2016, the bank’s financial results showed.

Economists, polled by FactSet, expected profits of $1.66 billion in 2017.

Standard Chartered also resumed dividends of 11 cents per share in 2017 after it suspended distributions in 2015 following the announcement of restructuring plans.

Meanwhile, bad loans retreated to $1.2 billion in 2017 from $2.38 billion a year earlier.

The bank’s CEO Bill Winters said that prolonged reform efforts have paid off and pledged to increase dividends whilst improving bank’s performance.

“It is making good progress and on track to hit targets including a return of equity above 8%, from 3.5% in 2017,” MarketWatch reported citing Winters.