Shares of Standard Chartered Plc gained significantly in London trading as well as in Hong Kong after the British bank reported Thursday higher first-quarter results.
Looking ahead for fiscal 2022, the company now expects income growth to slightly exceed the previously guided 5-7 percent range.
Further, the company is on track to deliver 10 percent return on tangible equity by 2024, if not earlier.
Bill Winters, Group Chief Executive, said, “Our first quarter performance was strong despite the volatile macro environment. Our profit before tax grew 4 percent year on year, with strong underlying business momentum.”
For the first quarter, profit before tax grew 6 percent to $1.49 billion from last year’s $1.41 billion.
Profit attributable to parent company shareholders was $1.18 billion, up 8 percent from $1.09 billion a year ago.
Earnings per share were 34.6 cents, 2 percent higher than 32.6 cents last year.
Underlying profit before tax was $1.50 billion, compared to $1.45 billion a year ago. Underlying earnings per share were 34.8 cents, compared to 33.5 cents last year.
Operating income grew 9 percent to $4.29 billion from prior year’s $3.94 billion. Income increased 11 percent at constant currency.
Net interest income went up 8 percent from last year to $1.79 billion. Net interest margin was 1.29 percent, up from last year’s 1.22 percent.
In London, Standard Chartered shares were trading at 551 pence, up 14.86 percent.
In Hong Kong, the shares closed Thursday’s trading at HK$52.90, up 10.4 percent.
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