Standard Chartered profits jump 21% in 1st quarter

Published April 27th, 2023 - 07:59 GMT
Standard Chartered Bank Q1 profits jump 21% on higher interest rates and reopening in China
The bank's revenue increased by 8% to $4.4 billion.

ALBAWABA - Standard Chartered Bank reported a 21 percent jump in profits in the first quarter of the year, surpassing analysts' expectations, thanks to higher interest rates, strong retail banking, and China's reopening after years of COVID-19 restrictions.

The bank, which focuses on emerging markets, said its pre-tax profits reached $1.81 billion in the period from January to March, compared with $1.49 billion recorded in the corresponding period of last year.

The average estimate by 14 analysts surveyed by the bank was $1.43 billion.

The bank's revenue increased by 8 percent to $4.4 billion, driven by higher interest rates on loans, while not passing all of the increase to depositors.

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