‎“Standard Chartered” profits increased to $1.8 bln during Q1, ‎by 21%‎

Standard Chartered announced today, Wednesday, that its profit before taxes rose 21 percent in the first quarter of the year, exceeding analysts’ estimates, as the income of the bank, which focuses on emerging markets, increased thanks to higher interest rates and increased dealings in volatile markets.

According to Reuters, Standard Chartered, which generates most of its revenues in Asia, said its pre-tax profit amounted to $1.81 billion in the January-March period, compared to $1.49 billion a year earlier. The average estimate of 14 analysts in a survey conducted by the bank was that the profit would be $1.43 billion.

Chief Executive Bill Winters said he now expects income growth of about 10 percent this year, which is the upper end of an indicative range he announced earlier.

This is the bank’s largest quarterly profit since the beginning of 2014, as the rise in interest rates boosted the bank’s income from lending, while the dealings section in the financial markets witnessed a great turnout from customers in light of market volatility.