ALBAWABA - Standard Chartered Bank reported a 21 percent jump in profits in the first quarter of the year, surpassing analysts' expectations, thanks to higher interest rates, strong retail banking, and China's reopening after years of COVID-19 restrictions.
The bank, which focuses on emerging markets, said its pre-tax profits reached $1.81 billion in the period from January to March, compared with $1.49 billion recorded in the corresponding period of last year.
The average estimate by 14 analysts surveyed by the bank was $1.43 billion.
The bank's revenue increased by 8 percent to $4.4 billion, driven by higher interest rates on loans, while not passing all of the increase to depositors.
