Standard Chartered posts 10% profit rise, driven by jump in net interest income
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
- Yifan Wang
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-26-23 0133ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
Will Earnings From These 10 AI Stocks Live Up to the Hype?
-
What’s Happening In the Markets This Week
-
What the Next Bitcoin Halving Means for ETF Investors
-
Going Into Earnings, Is Microsoft a Buy, a Sell, or Fairly Valued?
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth
-
10 Best Blue-Chip Stocks to Buy for the Long Term
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?