Standard Chartered posts jump in Q1 profits

2nd May 2024 07:41

(Sharecast News) - Standard Chartered backed its full-year guidance on Thursday and posted a jump in first-quarter profit as it continued to benefit from higher interest rates.

Pre-tax profit rose 6% to $1.9bn, coming in ahead of expectations of $1.4bn. Net profit increased 5% to $1.22bn, comfortably beating expectations of $798m.

Chief executive Bill Winters said: "We delivered a strong set of results in the first quarter of 2024, with double-digit growth in income and positive operational leverage. Business performance was strong and broad-based across our segments, products and markets in what continues to be an uncertain environment.

"We have taken action to create a simpler and more efficient organisation with changes to our group management structure and we are advancing our Fit for Growth programme. We remain confident in the delivery of our financial targets and are maintaining our full year 2024 guidance."

Credit impairments worsened during the period, however, to $165m from $20m a year earlier.

At 0815 BST, the shares were up 6.2% to 738.40p.