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Standard Chartered Q1 Profit Rises; Lifts FY22 Income Growth View; Stock Up

British bank Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) reported Thursday that its 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 10 percent at constant currency.

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.

In Hong Kong, Standard Chartered shares were trading at HK$$48.60, up 1.5 percent.

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