Standard Chartered Posts Higher Profit on Trading Gains — Update
By Kosaku Narioka
Standard Chartered posted a rise in first-quarter net profit due to higher trading income, despite lower earnings from its lending business.
The London-based bank said Thursday that net profit rose 5.2% to $1.22 billion for the three months ended March. Quarterly net profit beat the estimate of $797.5 million compiled in a poll of analysts by Visible Alpha.
The bank generates much of its profit in Asia. Standard Chartered's group chief executive, Bill Winters, said in January that the bank was optimistic about its business prospects in India and the Middle East for 2024, pointing to India's growing economy and capital migration into non-oil sectors in the Middle East.
First-quarter net trading income climbed to $2.49 billion from $1.65 billion in the year-earlier period, while net interest income--the difference between interest paid on deposits and that earned on loans--fell to $1.57 billion from $2.01 billion.
Profit from StanChart's corporate and investment banking business was virtually flat from a year earlier at $1.58 billion. Profit from its wealth and retail banking business declined to $610 million from $675 million.
The bank said it sees low single-digit percentage growth in loans and advances to customers in 2024. It added that its balance sheet remains strong, liquid and well-diversified, saying it will continue to increase its full-year dividend per share over time.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
May 02, 2024 01:15 ET (05:15 GMT)
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