HONG KONG/LONDON (Reuters) – Standard Chartered (StanChart) said on Wednesday its first-quarter profit rose 21%, beating expectations as higher interest rates boosted revenue from its wealth management business and retail banking.
Chief executive Bill Winters said he now expects revenue to grow about 10% this year, the high end of the previously forecast range.
StanChart, which derives most of its revenue from Asia, reported pre-tax profit for the January-March period of $1.81 billion (€1.64 billion), compared with $1.49 billion the previous year and an average of $1.43 billion estimated in a consensus compiled by the British bank.
This is StanChart’s largest quarterly profit since the start of 2014, despite the fact that its main source of income – capital markets trading – saw weaker activity year-on-year. last.
The stock was stable on the London Stock Exchange at 09:15 GMT.
Andy Halford, chief financial officer, also told reporters that StanChart has had “no recent contact” with First Abu Dhabi Bank, after it reignited speculation of a StanChart takeover in January, confirming that it had considered make an offer.
In addition, the lender could complete the sale of its aviation finance business, which has a fleet worth around $3.7 billion and has been slated for sale since January, as early as next quarter. said Andy Halford.
(Report Selena Li and Lawrence White in London, Augustin Turpin, edited by Kate Entringer)
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