New Telegraph

September 24, 2023

StanChart Profit Beats Forecasts On Rising Interest Rates

StanChart profit beats forecasts on rising inerest rates Standard Chartered PLC (StanChart) on Wednesday said first-quarter profit jumped 21%, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses.

Reuters reported Chief Executive, Bill Winters, as saying he now expects income for the emerging markets-focused lender to grow around 10% this year, the top of a previously guided range.

The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors.

It also followed resilience at U.S. banks which reported results earlier this month, as the sector weathers a global confidence crisis following the collapse of Silicon Valley Bank and Credit Suisse Group AG.

StanChart, which earns most of its revenue in Asia, said January-March pretax profit reached $1.81 billion, above $1.49 billion a year earlier and beating the $1.43 billion average of 14 analyst estimates compiled by the bank.

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