Emerging market-focused lender Standard Chartered registered a significant profit increase in the first three months of 2023, driven by higher interest income.
Standard Chartered posted a pre-tax profit of $1.8 billion in the first quarter of 2023, according to a statement, up 21 percent year-on-year.
Operating income grew 8 percent to $4.4 billion which includes a 13 percent increase in net interest income alongside a 4 percent increase in other income. Net interest margin climbed from 1.58 percent to 1.63 percent. Operating expenses increased 5 percent to $2.7 billion.
«We remain optimistic about our continued strong performance and now expect 2023 income to grow around 10 percent, the top end of our range, and remain confident in the delivery of all of our financial targets, including our return on tangible equity targets,» said Standard Chartered group chief Bill Winters.
