Standard Chartered PLC ( LON:STAN ) reported a 61% reduction in third-quarter profits as low interest rates continued to squeeze its income. The Asia-focused lender again reduced the amount that its bad loan impairments were increased, with a US$353mln provision that compared to US$611mln in the second quarter and around US$1bn in the first. As forewarned, income shrank 12% to US$3.5bn as interest rate headwinds contributed to net interest margin (NIM) contracting to 1.23%, down from 1.61% a year ago and 1.28% in the second quarter.