Standard Chartered’s first-quarter profit rises 21% as interest rates soar
by CNBC
2023-04-26
A Standard Chartered bank branch in Hong Kong on Feb. 14, 2023. The bank earns most of its revenue in Asia.
Standard Chartered on Wednesday said first-quarter pretax profit rose 21%, beating analyst estimates, as rising interest rates and increased trading in volatile markets boosted income at the emerging markets-focused lender.
StanChart, which earns most of its revenue in Asia, said statutory pretax profit for January-March reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank.
Chief Executive Bill Winters said he now expects income to grow around 10% this year, at the top end of a previously guided range.
It was the bank's largest single-quarter profit since the start of 2014, as rising interest rates boosted lending income while its financial markets trading division saw frenzied trading from customers amid volatile markets.
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