British lending major Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) reported Friday higher first-quarter profit, with growth in operating income. Further, the company confirmed fiscal 2025 outlook.
For the quarter, profit before taxation was $2.10 billion, up from last year's $1.91 billion. Earnings per share grew to 56.6 US cents from prior year's 46.5 US cents.
Underlying profit before tax was $2.28 billion, higher than $2.13 billion last year. Underlying earnings per share improved to 62.7 US cents from 52.9 US cents a year ago.
Operating income was $5.38 billion, higher than last year's $5.13 billion. Underlying operating income was $5.39 billion, compared to $5.15 billion a year ago.
Operating income was up 7 percent at constant currency rates, and up 12 percent at constant curreny rates excluding notable items.
Net interest income grew 7 percent at ccy to $2.8 billion, and Non NII was up 7 percent at ccy to $2.6 billion.
Looking ahead, for fiscal 2025, Standard Chartered continues to project operating income to increase 5 percent to 7 percent CAGR in 2023-2026 at constant currency rates excluding the reclassification, currently tracking towards the upper end of the range.
The 2025 growth in income is expected to be below the 5-7 percent range at ccy excluding notable items.
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