Standard Chartered Reports Jump in Profit during Q1 2021

Standard Chartered has released its financial results for the first quarter of 2021. The bank posted strong numbers in Q1 of 2021 as the total profit before taxation reached $1.4 billion, which is a jump of 18% compared to $1.2 billion in Q1 of 2020.

According to the official announcement, operating income dropped 9% to $3.9 billion. Standard Chartered reported $4.3 billion in operating income during the same period in 2020. Profit attributable to the bank’s ordinary shareholders reached $1.03 billion in Q1 of 2021, which is a significant jump of 115% compared to $477 million in Q1 of 2020.

During the last three months, the bank’s operating expenses increased 6% to $2.5 billion. Earnings per share increased 32% to 33.5 cents.

Commenting on the latest announcement, Bill Winters, Chief Executive Officer at Standard Chartered, said: “Our first-quarter performance was strong. Economic recovery advanced in many of our markets leading to improved transaction volumes and profitability. This was particularly the case in our Financial Markets and in Wealth Management, which had its best-ever quarter. Our areas of strategic focus including efforts to lead with a differentiated sustainability offering are growing well. Despite low-interest rates, we expect our underlying momentum to lead to income growth in the second half of 2021.”

Finance Magnates earlier reported a jump in FX income of Standard Chartered during FY 2020.

Outlook

The recent performance of Standard Chartered received a push from a strong rebound in Asian economies. For 2021, the bank is expecting a growth in income with a slight jump in overall expenses.

“We believe that some of our larger markets will continue to drive the global economy out of recession over the coming quarters. While the scale of the US fiscal stimulus and speed of vaccine roll-out have significantly lifted global economic prospects, we still expect the recovery to be volatile and uneven. This positive backdrop reinforces our confidence in our previous guidance for FY 2021,” Standard Chartered mentioned in the official announcement.

In January 2021, Standard Chartered named Tracy Wong Harris as Head of Sustainable Finance for Greater China and North Asia.