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Standard Chartered reported better than expected first-quarter results on the back of higher interest rates and growth in its wealth and banking business.
Reported pre-tax profit in the first quarter increased 6 per cent year on year to $1.9bn, beating analysts’ expectations of $1.4bn, the London-based bank said on Thursday. The lender makes most of its profits in Asia, particularly Hong Kong and Singapore.
The bank’s operating income increased 17 per cent to $5.2bn compared with a year earlier, and its net interest income rose 3 per cent to $2.4bn.
“We delivered a strong set of results in the first quarter of 2024, with double-digit growth in income and positive operational leverage,” said Bill Winters, the group’s chief executive. “Business performance was strong and broad-based across our segments, products and markets in what continues to be an uncertain environment.”
The bank booked a credit impairment of $176mn in the first three months of the year, mainly in the wealth and retail banking division. It said it expected credit loss provisions of $1.2bn on its Chinese commercial property portfolio.
The lender conducted a share buyback worth $646mn as of May 1, according to an exchange filing, part of the bank’s $1bn buyback program announced in February.
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