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Standard Chartered’s second-quarter profit beats estimates on gains in Asia, transaction banking businesses
- Pre-tax profit was US$1.52 billion in the second quarter, beating a consensus estimate of US$1.37 billion
- Standard Chartered’s Asia business posted a 39 per cent increase in pre-tax profit in the quarter
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Chad Brayin London
Standard Chartered, one of Hong Kong’s three currency-issuing banks, reported a better-than-expected profit for the second quarter, driven by sharp gains in its transaction banking and Asia businesses amid a period of rising interest rates.
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The emerging markets-focused lender’s net profit rose by 20 per cent to US$982 million in the three months ended in June, from US$818 million a year earlier, the bank said in a stock exchange filing.
The London-based bank, which generates much of its pre-tax profit in Asia, reported US$1.52 billion in pre-tax profit, ahead of the US$1.37 billion expected by analysts.
“We have much further that we can go. What I’m most encouraged by, after a strong first half like this, is when I see the underlying potential of this business. What I think I can safely say is we’ve just scratched the surface,” Standard Chartered CEO Bill Winters said on a call with journalists on Friday. “Extremely encouraged by what we’ve been able to do so far, but it just opens up a whole window of opportunities for us.”
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Standard Chartered is the first of Hong Kong’s biggest lenders to report their results for the second quarter. HSBC is expected to report its results on Tuesday, followed by Bank of China (Hong Kong) later next month.
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