Asia was the dominant profit driver for London-headquartered Standard Chartered in the first quarter of 2023.
Standard Chartered registered a pre-tax profit of $1.4 billion in Asia in the first quarter of 2023, according to the bank’s results, marking a 63 percent year-on-year surge. The region accounted for nearly 82 percent of the bank’s overall profits.
Second to Asia was Africa and the Middle East which contributed a pre-tax profit of $304 million (9 percent increase) while Europe and the Americas recorded a second consecutive quarterly loss at $18 million.
Operating income in Asia grew 18 percent to $3.2 billion while credit impairments shrunk by over $200 million year-on-year. Globally, the bank posted a pre-tax profit increase of 21 percent to $1.8 billion.
