Standard Chartered’s first-quarter profit rises 21% as interest rates soar

Avatar photo


See all articles
Standard Chartered’s first-quarter profit rises 21% as interest rates soar

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.

Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Exclusive Capital communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

Read our detailed Marketing Communication Disclaimer