30th Jul 2024 06:54
(Alliance News) - Standard Chartered PLC on Tuesday upgraded its annual financial guidance for income growth for 2024, reporting a strong start to the year.
The London-based, Asia-focused bank reported operating income of USD9.79 billion in the first half, a 9% increase from USD9.13 billion. Net interest margin increased to 1.85% from 1.67%.
Pretax profit rose to USD3.96 billion, up 20% from USD3.31 billion a year prior.
StanChart recorded an underlying credit impairment charge of USD240 million during the half, compared to USD161 million a year before.
"We produced a strong set of results for the first half of the year, demonstrating the value of our franchise as a cross-border corporate and investment bank and a leading wealth manager for affluent clients. We generated double-digit income growth, with positive momentum continuing into the second quarter, and with continued discipline in managing our expenses," said Chief Executive Officer Bill Winters.
The firm reaffirmed its previous guidance for 2024 as a whole, except for income guidance, which was upgraded.
Operating income is expected to increase above 7% in 2024, while net interest income is expected to be between USD10 billion and USD10.25 billion.
In February, Standard Chartered 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.
By Holly Beveridge, Alliance News senior reporter
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