Standard Chartered posts robust growth in Q1 operating profit

Standard Chartered has posted a robust 59% growth in Q1 operating profit, which crossed $300 million in a single quarter for the first time in nearly a decade in the Africa and Middle East (AME) region.

Re-affirming plans for refocusing and simplifying its presence in the region to drive the next phase of growth, the bank delivered a strong performance in volatile and challenging market conditions, with underlying profit before tax increasing 5% on a constant currency basis. Income grew 11% on a constant currency basis.

The bank marked significant improvement in the region’s Return on Tangible Equity (ROTE) ratio taking it to 13.2%. Income growth was 16% at constant currency, driven by broad-based growth across products. The bank continued to observe cost discipline, resulting in income-to-cost jaws of 9%.