Profits were weighed down by $1.8 billion (£1.28 billion) in restructuring charges and $863 million (£611 million) charge on the value of derivative hedging products in the fourth quarter. The bank has also booked a $495 million (£350 million) "own credit adjustment" gain for the year. Regulatory costs rose to £1 billion (£710 million), up from $717 million (£508 million) in 2014. Standard Chartered said the increase in regulatory costs was down to investment in "control and compliance capabilities" and a 20 per cent increase in the UK bank levy to $440 million (£311 million).