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StanChart Q1 beats forecasts on wealth management boost
(Sharecast News) - Asia-focused bank Standard Chartered reported better-than-expected first-quarter profit, driven by strong growth in its wealth management but also warned of the impact of US President Donald Trump's trade war. Pre-tax profit for the three months to March came in at $2.10bn, up from $1.91bn and the $1.905bn consensus average.
"Imposition of trade tariffs has increased global economic and geopolitical complexity, and we remain watchful of the external environment," said chief executive Bill Winters on Friday.
"Our presence in structurally high-growth markets across Asia, Africa and the Middle East is key to driving long-term sustainable value for our shareholders, and we remain focused on reinforcing these competitive advantages to drive future growth."
Net interest income rose 3% to $1.6bn while the wealth management division increased operating income by 28%.
However, credit impairment charges were up 24% year on year to $219m, mostly due to StanChart's wealth and retail banking unit, where rising rates had started to strain repayments in some unsecured portfolios.
The bank also reiterated guidance for this year and next, projecting operating income to grow at a compound annual rate of 5-7% between 2023 and 2026.
Reporting by Frank Prenesti for Sharecast.com
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