Standard Chartered PLC (StanChart) (STAN.L) reported a 21% higher first-quarter pretax profit than expected on Wednesday, driven by rising interest rates and unpredictable market activities.
StanChart’s January-March statutory pretax profit was $1.81 billion, mostly from Asia. The bank’s average of 14 analyst expectations was $1.43 billion.
Bill Winters, CEO, anticipates income to climb 10% this year, at the top of a previously stated range.
Rising interest rates increased lending income, but volatility markets drove client trading in the bank’s financial markets trading segment, resulting in its greatest quarterly profit since 2014.
