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Home Markets Equities Company Results

Standard Chartered posts gross profit of $1.49 billion in Q1, shares rally high

Olumide Adesina by Olumide Adesina
April 28, 2022
in Company Results
Standard Chartered Bank acts as Joint Lead Manager ‘JLM’ on Access Bank Plc. US$500 million Senior Eurobond
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As a result of rising interest rates to control inflation, Standard Chartered posted a 6% profit increase for its first quarter, beating the forecast.

The London-based lender, which focuses on Asia, Africa, and the Middle East, now expects income growth to be slightly higher than earlier guidance of 5-7% this year, underscoring how the boost policy rate hikes are providing banks, even as the global economic outlook dims.

Following the earnings report, StanChart’s Hong Kong-listed shares rose more than 12% at one point, reaching their highest level since early March, while the market rose only 0.6%.

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Highlights

  • Investors welcomed a 27% rise in revenues in the bank’s financial markets business as its London-listed shares rose 10% in the early hours today.
  • Between January-March, the bank reported a statutory pre-tax profit of $1.49 billion, up from $1.4 billion in the same period last year.
  • Bill Winters, Group Chief Executive, said the group is on track to deliver a 10% return on tangible equity by 2024 if not earlier.
  • Despite ongoing virus restrictions, the bank’s wealth management income declined 18% compared with a year ago due to the pandemic’s impact on its China branch network.
  • The rating downgrade of Sri Lanka resulted in a $107 million charge, and the exposure to China’s real estate sector led to a $160 million charge.
  • As a result of volatility in energy prices, the bank’s trading business generated 32% more income than a year ago.

After fixing the bank’s balance sheet and slashing thousands of jobs during his early years, Winters has attempted to restore growth while building a portfolio of digital assets.

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