From Investing.com: 2024-05-02 00:30:09

Standard Chartered PLC reported a first-quarter profit of $2.13 billion, surpassing estimates of $1.55 billion. Net interest income grew by 5% to $2.4 billion, while non net-interest income rose by 37% to $2.7 billion. Despite challenges in China, the bank remains confident in its annual earnings forecast of $10-10.25 billion.

The Asia and Europe-focused lender attributed its strong Q1 performance to high interest rates in core markets and a robust wealth management sector. Standard Chartered’s Hong Kong shares rose by 1.3% following the earnings report, outperforming the market index which bounced by 2.3%.

Overall, Standard Chartered PLC outperformed expectations in the first quarter, with a strong underlying profit of $2.13 billion. The bank saw growth in both net interest income and non net-interest income, buoyed by positive trends in its core markets and wealth management units. Maintaining its annual earnings forecast, the future looks promising for the lender.



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