Standard Chartered announced on Wednesday that its pre-tax profit for the first quarter of the year increased by 21%, surpassing the predictions of analysts. This growth was driven by the boost in cash management income and retail product sales, thanks to the rising interest rates. Standard Chartered is a lender that focuses on emerging markets.
The bank recorded its highest profit for a single quarter since the beginning of 2014, thanks to an increase in lending income resulting from rising interest rates, and a surge in trading activity from customers in response to the volatile financial markets, particularly in its financial markets trading division.
Standard Chartered, whose primary revenue stream is from Asia, reported a pre-tax profit of $1.81 billion for the January-March period. This represents an increase from $1.49 billion from the previous year and is higher than the average estimate of $1.43 billion.
Despite concerns among bank investors about the negative impact of a sluggish global economy and inflation on businesses, the credit impairment has remained minimal at only $26 million for the quarter. This represents a significant decrease from the $198 million recorded during the same
