The turnaround in performance comes after the bank announced its first annual loss in more than a quarter of a century in February after it was hit by hefty write-downs amid plunging commodity prices and weaker Indian markets. Mr Winters unveiled his turnaround strategy in November, which included plans to slash 15,000 jobs worldwide and make a 5.1 billion US dollars (£3.3 billion) cash-call to investors. In the trading update, he said the bank would hit its restructuring cost target of three billion US dollars (£2 billion) by the end of the year while it was also on track to deliver one billion dollars (£686 million) of gross cost savings in 2016. Steve Clayton, head of equity research at Hargreaves Lansdown, said the bank was improving but Mr Winters has more work to do. He said: " Things aren't great at Standard Chartered so far in 2016, but they're a lot better than they were at the end of last year. Investors duly let out a sigh of relief and pushed the share price up in early-morning trading.