Standard Chartered’s first-quarter profit beat expectations, as the bank placed a greater focus on wealth management in the face of lower interest rates and rising bad debt provisions.
Net profit rose 13 per cent in the first three months of 2025 to US$1.59 billion, or 62.7 US cents per share, from US$1.4 billion last year, the bank said on Friday. Analysts, according to a consensus estimate from Bloomberg, expected a first-quarter profit of US$1.12 billion.
The bank’s pre-tax underlying profit rose 7 per cent to US$2.28 billion in the quarter from US$2.13 billion a year earlier, beating the consensus estimate of US$1.9 billion.
“We delivered a strong performance in the first quarter of 2025, with earnings per share up 19 per cent, driven by double-digit income growth in wealth solutions, global markets and global banking,” CEO Bill Winters said in an earnings statement to the Hong Kong stock exchange.
“The subsequent imposition of trade tariffs has increased global economic and geopolitical complexity, and we remain watchful of the external environment,” he said. “But our ability to help clients manage their business and wealth across borders in times of volatility reinforces our confidence that we can continue to improve returns.”
