Standard Chartered’s first-quarter profit rises 3 per cent as it overcomes weaker Hong Kong performance
- Pre-tax profit was US$1.49 billion in the first quarter, beating a consensus estimate of US$1.04 billion
- The bank’s business in Hong Kong, its single largest market, made a pre-tax profit of US$144 million, three times smaller than a year earlier
Standard Chartered, one of the city’s three currency-issuing banks, said its profit rose 3 per cent on a strong performance in its financial markets business, overcoming a weaker period in Hong Kong as a fifth wave of coronavirus cases hit its largest market.
The emerging markets-focused lender’s net profit rose to US$1.06 billion in the three months ended in March, from US$1.03 billion in the same quarter of 2021. The bank is based in London, but generates much of its revenue in Asia.
On a pre-tax basis, Standard Chartered reported a profit of US$1.49 billion, above a consensus estimate of US$1.04 billion by analysts compiled by the bank.
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The bank’s business in Hong Kong made a pre-tax profit of US$144 million, three times smaller than the US$448 million it reported a year earlier.