Standard Chartered Posts Higher Profit on Trading Gains
By Kosaku Narioka
Standard Chartered posted a rise in first-quarter net profit due to higher trading income despite lower earnings from lending.
The London-based bank said Thursday that net profit rose 5.2% to $1.22 billion for the three months ended March. Quarterly net profit beat the estimate of $797.5 million in a poll of analysts by Visible Alpha.
The bank generates much of its profit in Asia. Standard Chartered Group Chief Executive Bill Winters said in January that the bank was optimistic about India and the Middle East for 2024, pointing to India's growing economy and the Middle East's capital migration into nonoil sectors.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
May 02, 2024 00:46 ET (04:46 GMT)
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