logo
  

Standard Chartered Stock Climbs On Strong Q1 Results, Upgrade In FY22 View

standardchartered apr28 lt

Shares of Standard Chartered Plc gained significantly in London trading as well as in Hong Kong after the British bank reported Thursday higher first-quarter results.

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.

Bill Winters, Group Chief Executive, said, "Our first quarter performance was strong despite the volatile macro environment. Our profit before tax grew 4 percent year on year, with strong underlying business momentum."

For the 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 8 percent from last year to $1.79 billion. Net interest margin was 1.29 percent, up from last year's 1.22 percent.

In London, Standard Chartered shares were trading at 551 pence, up 14.86 percent.

In Hong Kong, the shares closed Thursday's trading at HK$52.90, up 10.4 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
IBSA Pharma Inc. is recalling 27 lots of TIROSINT-SOL (levothyroxine sodium) Oral Solution to the consumer level due to subpotency, the U.S. Food and Drug Administration said. TIROSINT-SOL is indicated for Hypothyroidism and Pituitary Thyrotropin (Thyroid-Stimulating Hormone, TSH) Suppression. Meanwhile, the recall does not apply to TIROSINT (levothyroxine sodium) capsules. The U.S. Food and Drug Administration approved GlaxoSmithKline LLC's Jesduvroq tablets (daprodustat) for anemia caused by chronic kidney disease or CKD for adults who have been receiving dialysis for at least four months. It is the first oral treatment for anemia, i.e., decreased number of red blood cells, in the given indication that has received FDA approval. German banking major Deutsche Bank AG reported Thursday a significantly higher profit in its fourth quarter and fiscal 2022, mainly reflecting a tax benefit in the U.S, despite weakness in Investment Bank and asset management revenues. The company said it recorded its highest annual profit, both before and after tax, since 2007. However, Deutsche Bank shares were losing around 4 percent...
RELATED NEWS
Follow RTT