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Banking & finance
BusinessBanking & Finance

Standard Chartered reports 5% rise in profit on strong business activity, currency positions

  • Net profit rose to US$1.4 billion in the first three months of 2024, the bank reported on Thursday
  • ‘Business performance was strong and broad-based across our segments, products and markets,’ CEO Bill Winters said

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A woman passes a Standard Chartered Bank logo in Central. Photo: K. Y. Cheng
Mia Castagnone
Standard Chartered surpassed first-quarter profit expectations, attributing the gain to strong business activity, its wealth solutions business and growth of affluent client base.

Net profit rose 5 per cent to US$1.4 billion in the first three months of 2024, or US$0.46 per share, from US$1.3 billion in the same period last year, beating a US$937 million consensus estimate compiled by Bloomberg.

Pre-tax underlying profit rose 25 per cent to US$2.13 billion in the quarter, compared with US$1.71 billion a year earlier, topping the market estimate of US$1.39 billion.

“Business performance was strong and broad-based across our segments, products and markets in what continues to be an uncertain environment,” CEO Bill Winters said in an earnings statement to the Hong Kong stock exchange on Thursday.

Standard Chartered CEO Bill Winters poses at the bank’s office in Central, Hong Kong, on November 4, 2022. Photo: Edmond So
Standard Chartered CEO Bill Winters poses at the bank’s office in Central, Hong Kong, on November 4, 2022. Photo: Edmond So

“We remain confident in the delivery of our financial targets and are maintaining our full year 2024 guidance.”

The 2024 guidance included an operating income increase of around 5 to 7 per cent, excluding notable items, and net interest income of between US$10 billion and US$10.25 billion.

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