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Standard Chartered PLC on Thursday affirmed its annual financial guidance for 2024, reporting a strong start to the year. The London-based, Asia-focused bank reported operating income of $5.13 billion in the first quarter, a 13% increase from $4.56 billion. Net interest margin increased to 1.76% from 1.63%, outperforming company-compiled consensus expectations of 1.74%. Pretax profit rose 5.9% to $1.91 billion from $1.81 billion, beating the company-compiled market consensus of $1.39 billion. StanChart recorded an underlying credit impairment charge of $176 million during the quarter, compared to $26 million a year before. The charge was mostly within its Wealth & Retail Banking. ‘We delivered a strong set of results in the first quarter of 2024, with double-digit growth in income and positive operational leverage. Business performance was strong and broad-based across our segments, products and markets in what continues to be an uncertain environment,’ said Chief Executive Officer Bill Winters. The firm reaffirmed its previous guidance for 2024 as a whole. In February, it had guided for operating income to increase between 5% and 7% in the period from 2024 to 2026, and around the top of this range in 2024. Net interest income for 2024 is forecast to be between $10 and $10.25 billion at constant currency. It plans to return ‘at least’ $5 billion to shareholders over 2024 to 2026, with its RoTE, or return on tangible equity, to ‘increase steadily’ from 10% towards a 12% target by 2026. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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