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Q1 profits beat forecasts at StanChart
(Sharecast News) - First-quarter profits at Standard Chartered came in ahead of expectations on Thursday, driven by strong growth in the blue chip's wealth business. Net interest income (NII) rose 1% to $2.9bn in the three months to March end, while non-interest income was 16% stronger at $3bn, after wealth solutions posted a record 32% surge in income. Global banking also saw strong growth, with income up 19%.
Operating income sparked 10% at $5.9bn, while pre-tax profits jumped 17% on a constant currency basis to $2.45bn. Analysts had been expecting pre-tax profits of around $2.14bn.
Bill Winters, chief executive, said: "Despite ongoing geopolitical tensions and global economic uncertainty, our advantaged market presence and disciplined risk management gives us confidence in our ability to perform."
The Asia-focused lender left its full-year guidance unchanged, for operating income growth around the bottom end of a 5% to 7% range, with NII broadly flat within that.
However, it also confirmed a $190m provision for expected losses from the impact of the war in Iran, and raised its internal forecast of the probability of a "sustained" conflict to 70%.
StanChart's Hong Kong-listed shares were up 5% as at 0800 BST.
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