StanChart's Q1 profit at $1.5B, up 6% YoY
Standard Chartered PLC's reported on Thursday its profit before taxation in the first quarter of 2022 was $1.5 billion, marking a 6% increase compared to the same period a year earlier and topping estimates. Underlying profit before tax was up 4% to $1.5 billion.
The lender's operating income rose 9% per annum to reach $4.3 billion and earnings per share climbed 6% compared to last year to land at 34.6 cents.
"Our first quarter performance was strong despite the volatile macro environment. Our profit before tax grew 4% year on year, with strong underlying business momentum," CEO Bill Winters stated. "I am also pleased by the early progress we made against the five strategic actions we outlined in February and we are on track to deliver 10% return on tangible equity by 2024 if not earlier," he added.