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.<\/p>\n
Looking ahead for fiscal 2022, the company now expects income growth to slightly exceed the previously guided 5-7 percent range.<\/p>\n
Further, the company is on track to deliver 10 percent return on tangible equity by 2024, if not earlier.<\/p>\n
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<\/span> momentum.”<\/p>\n For the first quarter, profit before tax grew 6 percent to $1.49 billion from last year’s $1.41 billion.<\/p>\n Profit attributable to parent company shareholders was $1.18 billion, up 8 percent from $1.09 billion a year ago.<\/p>\n Earnings per share were 34.6 cents, 2 percent higher than 32.6 cents last year.<\/p>\n 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.<\/p>\n Operating income grew 9 percent to $4.29 billion from prior year’s $3.94 billion. Income increased 11 percent at constant currency.<\/p>\n 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.<\/p>\n In London, Standard Chartered shares were trading at 551 pence, up 14.86 percent.<\/p>\n In Hong Kong, the shares closed Thursday’s trading at HK$52.90, up 10.4 percent. <\/p>\n