StanChart profit swells a surprise 21% on soaring interest rates

HONG KONG/London: Standard Chartered PLC (StanChart) on Wednesday said first-quarter pretax profit jumped 21%, beating analyst estimates, as rising interest rates buoyed cash management income and retail product sales of the emerging markets-focused lender.

StanChart, which earns most of its revenue in Asia, said statutory pretax profit for January-March reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank.