Standard Chartered has posted a statutory profit before tax of $1.18bn for the first quarter of 2018, an increase of 20% from $990m a year ago.
The bank’s underlying profit before tax for the quarter ended 31 March 2018 was $1.25bn, up 20% from $1.04bn in the corresponding quarter of 2017.
The banking group’s operating income stood at $3.87bn, a 7% rise from $3.61bn last year.
Regulatory costs rose 2% year-on-year to $303m. Net impairment on financial assets was $191m, versus $198m a year earlier.
The group CET1 ratio at the end of March 2018 was 13.9%, as against 13.8% in the first quarter of 2017.
Income from private banking business was $144m for the first quarter of 2018, a 23% surge from $117m in the same period last year. Wealth management income jumped 28% to $539m from $421m in the previous year.
Standard Chartered group CEO Bill Winters said: “This encouraging start to the year shows that we are firmly on the path laid out in February that will take us above an 8 percent return on equity in the medium term. We are determined to pass that milestone as soon as we can in a safe and sustainable manner, while continuing to improve our service to our new and existing clients.”