London-headquartered Standard Chartered registered a profit increase, primarily due to a rise in non-interest income across the board.
Pre-tax profit at Standard Chartered rose 6 percent year-on-year to $1.9 billion, according to the bank’s results. Operating income grew 17 percent to $5.2 billion, including a 37 percent surge in non-net interest income to $2.7 billion. Operating expenses increased 4 percent to $2.8 billion while credit and other impairments totaled $236 million.
«We delivered a strong set of results in the first quarter of 2024, with double-digit growth in income and positive operational leverage. Business performance was strong and broad-based across our segments, products and markets in what continues to be an uncertain environment,» said group CEO Bill Winters.
New Leadership
Winters also commented on the recent changes to the bank’s leadership team which saw the removal of the regional dimension to «ensure clear accountabilities to better drive global priorities through each of the business lines into the markets where they operate».
«We have taken action to create a simpler and more efficient organization with changes to our Group management structure and we are advancing our Fit for Growth program,» Winters added. «We remain confident in the delivery of our financial targets and are maintaining our full year 2024 guidance.»
