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Trading statements

Standard Chartered lifts Q1 pretax profit

26 April 2017 09:47

Asia-focused bank Standard Chartered said its Q1 pretax profit was $1.0bn, up 94% on the year.

"After restructuring charges of $55m, statutory profit before tax was $1.0 billion (Q1 2016: $0.5bn)," the bank said.

"The significantly increased profit before tax results from particularly low loan impairment and our focus on cost control," said group CEO Bill Winters.

Competition in Standard Chartered's markets remained intense but its investments in the business and focus on clients was making it more competitive and would enable it to deliver sustainable income growth.

Q1 income was $3.6bn, up 8% on the year. Expenses of $2.4bn were well controlled and consistent with the run-rate seen in 2016 as a whole.

Standard Chartered noted that loan impairment of $198m was particularly low, down 58% on the year.

Its Common Equity Tier 1 ratio of 13.8 per cent was up 20 basis points since the end of 2016.

"Competition in our markets remains intense but the Group continues to invest to create opportunities for growth," it said.

At 9:47am: (LON:STAN) Standard Chartered PLC share price was +29.05p at 757.15p

Story provided by StockMarketWire.com

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