Standard Chartered reported a 6 per cent increase in pre-tax profits in the first quarter of 2022 as growth in trading income and transaction banking helped offset a volatile environment in its main Asian markets.
The UK-based lender said on Thursday that statutory profits before tax were $1.5bn for the first three months of the year, which exceeded analyst expectations of just over $1bn, and sent its shares up more than 10 per cent in Hong Kong.
Standard Chartered’s results outperformed those of its larger rival HSBC, which this week revealed its profits fell more than a quarter in the first three months of the year as a result of the war in Ukraine and slowing growth in its core Asia markets.
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