Standard Chartered's first-quarter pre-tax profit rose 6%, beating market expectations, as the emerging markets-focused lender benefited from rising interest rates and flagged a robust outlook. The bank's financial markets trading business reported record income, up 21 per cent with strong growth in institutional clients throughout 2022. "We are on track to deliver 10%. In the Middle East, the bank's underlying profit before tax rose 4 per cent to $819 million as operating income jumped 7 per cent to $2.6 billion, driven by growth in transaction banking, financial markets and retail. The bank, which bases its business on capturing trade flows between its key markets of Asia, Africa and the Middle East, reported credit impairment charges of $263 million, versus $2.3 billion a year earlier. Download file entitled Full report as pdf, Download file entitled Strategic report as pdf, Download file entitled Our strategy as pdf, Download file entitled Segments and regions as pdf, Download file entitled Directors' report as pdf, Download file entitled Stakeholders and Sustainability (including TCFD) as pdf, Download file entitled Risk review and Capital review as pdf, Download file entitled Financial statements and notes as pdf, Download file entitled Supplementary information as pdf, Download file entitled Celebrating our community champions as pdf, Third Party Risk Management for Non-Vendors. Results for the bank, which has been . You also have the option to opt-out of these cookies. Learn More. In December, Trust Bank, the Groups digital bank in Singapore, passed 450,000 customers within five months of launch, the equivalent to 8% market share, making it one of the fastest growing digital banks. There is no established way to tell time on the Moon, an urgent problem space agencies are working to resolve as nations and private companies rush to explore. A Division of NBCUniversal. Reuters Standard Chartered said the fall in global profits was partly due to a $489m goodwill impairment in India, UAE and Indonesia. 34 billion from Ksh. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Got a confidential news tip? The emerging markets-focused Standard Chartered reported a 28 per cent jump in its 2022 pretax profit as operating income rose amid higher global interest rates. Bend the market like Buffett: Stop checking your stock portfolio especially on your phone and youll make more money. Dow Jones Newswires is a market-moving financial and business news source, Standard Chartered gross profit from 2012 to 2022. Net interest income grew by 18 per cent to Sh22.2billion due to asset volumes growth and expansion in net interest margins as interest rates rose. Our Standards: The Thomson Reuters Trust Principles. "We remain confident in the delivery of our 2024 financial targets," CEO Bill Winters said in a statement. Capital Group Limited. Help us fulfil our purpose driving commerce and prosperity through our unique diversity, As a leading international bank, we strive to help people and businesses prosper across Asia, Africa and the Middle East, Were committed to sustainable social and economic development across our business, operations and communities including achievement of net zero emissions and the UN Sustainable Development Goals, Connecting the world's most dynamic markets, Group Chairman and Group Chief Executive statements, Jos Vials and Bill Winters on our results, Mobilised through our sustainable financing activities (billions). Standard Chartered reported a stronger-than-expected quarterly pre-tax profit on lower credit impairment charges, as the emerging markets-focused lender rode a recovery in pandemic-hit. Standard Chartered plans buyback, targets cost cuts after profit miss 3 min read . Standard Chartered's restated profit for the prior fourth-quarter period is $439 million. Standard Chartered PLC's fourth-quarter profit rose as higher interest rates boosted the bank's income and helped offset continued impairment pressure from its exposure to China's real . Standard Chartered has released its financial results for the first quarter of 2021. "We are upgrading our expectations, and are now targeting a return on tangible equity approaching 10% in 2023, to exceed 11% in 2024, and to continue to grow thereafter," Chief Executive Bill Winters said in a statement. relationships and build investor experiences. Standard Chartered 2023. 2023 Forbes Media LLC. The lender, which earns most of its revenue in Asia, said statutory pre-tax profit rose to $1.39 billion in the three months to Sept. 30 from $996 million a year earlier and versus the $1.05 billion average estimate of 14 analysts, as compiled by the bank. Standard Chartered PLC's fourth-quarter profit rose compared as higher interest rates boosted the bank's income and helped offset continued impairment pressure from its exposure to China's real estate liquidity crisis. If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. It is mandatory to procure user consent prior to running these cookies on your website. 9 billion in the same period in the previous year. Winters, who has been trying to placate shareholders by focusing on growth after years of cost-cutting, said he had "no plans" to activate the bank's succession process by putting a timeline on his departure. StanChart, which earns most of its revenue in Asia, said its statutory pre-tax profit doubled to $3.3 billion in calendar 2021 from $1.6 billion in 2020, but missed the $3.8 billion average estimate of 16 analysts, as compiled by the lender. It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. 12.1 billion as compared to Ksh. In 2022, Standard Chartered continued to make good progress executing its strategy and delivered a strong financial performance. 39 seconds ago. Our full year 2022 results were released at 04:15 UKT / 12:15 HKT on Thursday 16 February 2023 on our website here. See here for a complete list of exchanges and delays. StanChart shares are about 25% below the levels when Winters took charge in June 2015, whereas shares in rival HSBC Holdings (HSBA.L) are flat and the benchmark FTSE index (.FTSE) has risen about 15%. StanChart, present in 59 markets with 85,000 staff, mainly relies on capturing trade flows between its key markets of Asia, Africa and the Middle East but it lacks the heft of larger rivals in commercial banking and investment banking. Operating income increased to Ksh. Kariuki Ngari, Chief Executive Officer, said: "We have delivered a strong set of results in 2022, with profit before tax up by 36 per cent, with business momentum driving top-line growth of 16 per cent. It operates through the following segments: Corporate and Institutional Banking, Retail Banking, Commercial Banking, Private Banking, and Central and Other Items. Get this delivered to your inbox, and more info about our products and services. Standard Chartered PLC is headquartered in London, the United Kingdom. The Commercial Banking segment consists of international financial solutions in areas such as trade finance, cash management, financial markets, and corporate finance. 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StanChart's shares have been energised this year by renewed takeover speculation but Winters told reporters the bank had "had no engagement nor solicited any engagement from anyone and was "happy to be accomplishing targets" on its own. This will take total capital, including dividends, announced since the start of 2022, to $2.8 billion, which is well over halfway towards our target, Mr Vinals said. SINGAPORE, Oct 26 (Reuters) - Standard Chartered's (STAN.L) third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income, giving it ammunition. Standard Chartered PLC operates as a banking group principally in Asia, Africa, and the Middle East. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. The account offers clients the flexibility of retaining access to their cash while supporting activities aligned with the UN Sustainable Development Goals. It operates through the following segments: Corporate and Institutional Banking, Retail Banking, Commercial. the world to identify trading and investing opportunities, strengthen advisor-client Use Forbes logos and quotes in your marketing. Profit before tax quadrupled to $337 million in 2020 from $79 million in 2019, making India the second biggest profit centre for the bank. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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