Standard Chartered Q1 profit rises 5.5%, beats estimates

HONG KONG/LONDON: Standard Chartered PLC beat forecasts on Thursday with a 5.5% rise in its first-quarter pretax profit, as the income boost from higher interest rates and a robust performance from its markets trading business offset a surge in credit losses.

The bank, which makes the bulk of its revenue and profits in Asia, saw its credit impairments worsen in 2024, with a $165 million writedown in the first three months, compared to $20 million a year earlier.