Standard Chartered's First-Quarter Profit Rose 10% as Interest Income Jumped
By Yifan Wang
Standard Chartered PLC said first-quarter net profit rose 10%, driven by sharply higher interest income as global central banks continued to raise interest rates.
The Asia-focused bank on Wednesday posted net profit of $1.16 billion for the quarter, compared with $1.06 billion for the same period in 2022.
Operating income rose 6% to $4.56 billion. Top-line growth was mainly driven by the lending business, as net interest income jumped 13% to $2.01 billion. The lender's net interest margin rose to 1.63% from 1.29% a year earlier.
Looking forward, the bank guided for full-year average net interest margin of around 170 basis points in 2023 and around 175 basis points in 2024.
The lender also said it plans to return over $5 billion to shareholders by 2024.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
April 26, 2023 00:48 ET (04:48 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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