Overall, the UK-listed banking group, which derives most of its revenues outside its home base, reported a stronger set of financial results. Shares surged on the figures.

Standard Chartered yesterday reported a first-quarter 2024 pre-tax profit, on an underlying basis, of $729 million at its wealth and retail banking side, a rise of 8 per cent on a year earlier. 

Across the entire Standard Chartered group, underlying pre-tax profit surged 25 per cent in Q1 2024, reaching $2.129 billion. Shares jumped on the profit result, closing up more than 10 per cent, at 19.20 pence per share, at the close of share trading in London.

Income in the wealth and retail banking side rose 10 per cent from active pass-through management in deposits and continued strong momentum in wealth solutions. This effect was partly offset by lower mortgage income. 

At the bank’s Wealth Solutions business, operating income rose 23 per cent at a common currency basis.  

Expenses in this area rose 4 per cent while the credit impairment charge was $74 million higher, after a non-repeat of prior year overlay releases.

At group level, Standard Chartered reported a Common Equity Tier 1 capital ratio of 13.6 per cent.

“We delivered a strong set of results in the first quarter of 2024, with double-digit growth in income and positive operational leverage. Business performance was strong and broad-based across our segments, products and markets in what continues to be an uncertain environment,” Bill Winters, chief executive, said.