(Bloomberg) -- Standard Chartered Plc put aside $956 million against potential losses as problem loans spike during the coronavirus pandemic, even while a trading boom lifted first-quarter revenue.

The emerging markets-focused lender reported the biggest provisions since 2015 as clients across Asia, Africa and the Middle East got into difficulty because of lockdowns and travel restrictions. That reflects similar warnings from major international banks, which have set aside billions of dollars to deal with the crisis.

First-quarter underlying earnings slid 12% to $1.22 billion, beating a $828 million consensus estimate compiled by the bank. A day earlier, HSBC Holdings Plc posted a 51% slump in earnings as Standard Chartered’s larger rival warned its bad loan provisions could reach $11 billion this year.

“While pressure on credit quality has increased recently, we delivered good underlying income growth of 6% in the first quarter and maintained strong cost discipline,” said Bill Winters, the bank’s chief executive officer, in a statement.

Operating income rose 13%, boosted by a jump in trading income amid turbulent markets.

Besides the virus impact, Standard Chartered has also found itself plagued by a string of corporate scandals, potentially affecting as much as $600 million in loans to large clients. NMC Health Plc, a hospital operator that’s uncovered evidence of fraud, and Hin Leong Trading (Pte.), the Singaporean oil trader under investigation, represent nearly $500 million of lending for Standard Chartered, according to public filings.

The bank said two clients in unrelated sectors accounted for almost half of its $490 million increase in so-called stage three impairments.

Like other U.K. banks, Standard Chartered has also canceled share buybacks and dividends after demands from regulators. It earlier this month agreed to lower the price in a sale of a stake of a bank in Indonesia, further weighing on its prospects for handing cash back to investors. Last week, the bank’s shares slid to the lowest since 1998 in London trading.

“While the decision to cancel last year’s final dividend and not consider an interim dividend this year was difficult, it was taken in the light of extraordinary circumstances and will ensure that we have more capital to support individuals, businesses and the communities in which we operate through these difficult times,” the lender said.

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