StanChart profit beats forecasts

StanChart chief executive Bill Winters said he now expects income to grow around 10% this year, at the top end of a previously guided range. — Bloomberg

HONG KONG: Standard Chartered Plc (StanChart) says first-quarter pretax profit rose 21%, beating analyst estimates, as rising interest rates and increased trading in volatile markets boosted income at the emerging markets-focused lender.

StanChart, which earns most of its revenue in Asia, said statutory pretax profit for January to March reached US$1.81bil (RM8.1bil). That compared with US$1.49bil (RM6.7bil) a year earlier and the US$1.43bil (RM6.4bil) average of 14 analyst estimates compiled by the bank.