Standard Chartered Q1 profit blows past estimates

Investing.com– Standard Chartered PLC (LON:) clocked a stronger-than-expected first-quarter profit on Thursday, as the lender benefited from high interest rates in its core markets and as its wealth management units also saw strong trends. 

Standard Chartered’s underlying profit before tax rose 27% to $2.13 billion, beating Bloomberg estimates of $1.55 billion. 

The earnings were underpinned by a 5% increase in net interest income to $2.4 billion for the quarter. Non net-interest income, which comprises its investment banking, wealth management and other sectors, surged 37% to $2.7 billion. 

The Asia and Europe-focused lender said it clocked a strong start to the year on strength in its core markets, despite relatively weak operating conditions in China. 

The bank maintained its annual earnings forecast, with net interest income expected between $10 billion and $10.25 billion. 

Standard Chartered’s Hong Kong shares (HK:) rose 1.3% after the earnings, compared to a 2.3% bounce in the index.