The UK-headquartered bank said it delivered a strong set of results for the first three months of 2023.

Standard Chartered yesterday reported a 12 per cent year-on-year rise in underlying profit, attributable to shareholders, of $1.706 billion for the first quarter of 2023.
 
Operating income rose 8 per cent to $4.396 billion in Q1 2023, while operating costs fell 5 per cent to $2.675 billion, it said in a statement. The cost/income ratio of the UK-listed bank narrowed to 60.9 per cent from 62.6 per cent.

The bank, which earns the bulk of its business in regions outside the UK such as Asia and Africa, said it had a Common Equity Tier 1 ratio – a standard international measure of capital buffer – of 13.7 per cent; its liquidity coverage ratio was 161 per cent, up from 140 per cent. 

Credit impairment fell to $26 million from $198 million, a move that helped the underlying result. 

Within its wealth management arm, Standard Chartered said operating income was $511 million, down from $528 million a year earlier. Wealth management secured lending income almost halved as clients slashed their leverage. In general, income recovered from a weak performance in the second half of 2022, the bank said.