Standard Chartered has reported underlying pre-tax profit of $1.04bn for the first quarter of 2017, a 94% jump from $539m reported a year ago.

After a $55m restructuring charge, the banking group’s statutory pre-tax profit was $990m for the quarter ended 31 March 2017.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Operating income increased 8% to $3.61bn from $3.34bn a year ago. Other operating expenses rose 3% year-on-year to $2.07bn.

The banking group’s regulatory costs soared 27% to $309m from $243m a year ago.

The group’s retail banking unit reported income of $1.17bn for the first quarter of 2017, up 2% versus $1.15bn in the parallel quarter of 2016.

Income from transaction banking was $785m, a 9% rise from $716m in the previous year. Income from retail products dropped 5% to $871m from $915m a year earlier.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Standard Chartered group CEO Bill Winters said: “We are making good progress improving the performance of the Group. The significantly increased profit before tax results from particularly low loan impairment and our focus on cost control.

“Competition in our markets remains intense but our investments in the business and focus on our clients is making us more competitive and will enable us to deliver sustainable income growth over time.”