Standard Chartered's profits just soared in Hong Kong and Singapore
For US and European banks, first quarter results season has been largely unremarkable. At Standard Chartered however, this quarter was a landmark one, particularly for its Singapore and Hong Kong divisions.
It's the bank's Hong Kong profits that impress the most. Pre-tax, underlying profit before taxation rose 319% year-on-year, to hit $529m. On a similar basis, profits in Singapore were up 71% t $365m. The Singaporean business generated an eye watering return on tangible equity of 33.9%, up over 15 percentage points from the 2022 quarter. Standard Chartered's Asian business is looking good.
Standard Chartered's corporate and investment bank is also doing well globally. There, pre-tax profits rose by 49% compared to Q1 2022. It was a great quarter for transaction banking and credit trading, where revenues rose 92% and 64% respectively. Cash management revenues were most impressive though and were up 186% from Q12022.
If you work for Standard Chartered now, therefore Hong Kong and Singapore-based transaction banking, cash management or credit trading look like the places to be.
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