Standard Chartered stock rallies on bright earnings
Profit after taxation rose four percent to almost $1.4 billion in the three months to March from the same period a year earlier, Standard Chartered said in a results statement.
The news sent the lender's share price jumping more than five percent to 730.80 pence in early afternoon deals on London's rising stock market.
"We delivered a strong set of results in the first quarter of 2024," commented chief executive Bill Winters.
"Business performance was strong and broad-based across our segments, products and markets in what continues to be an uncertain environment."
Operating income increased 13 percent to $5.13 billion with activity "driven by strong business activity and the continued benefit of higher interest rates", the group added.
Banks in Britain and elsewhere are gaining from higher interest rates after central banks hiked borrowing costs substantially from late 2021 through to the second half of 2023 to cool soaring global inflation, which has since eased.
"Standard Chartered has made a statement. Pretty much every major line item was better than markets had expected," noted Hargreaves Lansdown analyst Matt Britzman in reaction to the update.
The group generates most of its profits and revenues in Asia, particularly in Hong Kong and Singapore.
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