City Of London
StanChart Beats Estimates With Higher Rates Boosting Profits
- Lender reports largest quarterly profit since start of 2014
- Asia-focused lender’s future has been in focus this year
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Standard Chartered Plc reported its largest quarterly profit since the first quarter of 2014, as rising interest rates boosted its bottom line and Asian markets accelerated out of Covid lockdowns.
The London-headquartered bank reported adjusted pretax profits of $1.71 billion in a statement Wednesday, exceeding a Bloomberg-compiled analyst estimate of $1.5 billion for the first three months of the year. Net interest income, a key measure of profitability, increased 13% helped by markets such as Hong Kong and Singapore.