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Standard Chartered PLC announced on Wednesday its first quarter profit has increased by 21 percent, exceeding previous predictions, helped by the inclining interest rates that kept income from its cash management and retail banking businesses.
Income for the lender is expected to increase by 10 percent this year, Chief Executive, Bill Winters said.
Central bank rates have boosted StanChart’s revenue, as it charged borrowers more interest, without passing all of the increase to depositors.
StanChart earns most of its revenue in Asia, with the January-March pretax profit reaching $1.81 billion, exceeding the $1.43 billion predicted.
StanChart’s shares have increased in London by 0.3 percent, while retail banking income increased by 53 percent.
