Standard Chartered Sees 18% Profit Jump in Q1 2021

Fazzaco learned that Standard Chartered, leading multinational banking and financial services company, has posted its financial results for the first quarter of 2021, revealing a jump of profit before taxation compared to Q1 of 2020.

According to the official announcement, the total profit before taxation of the bank rose by 18 percent to $1.4 billion compared to $1.2 billion in Q1 of 2020. The operating income stood at $3.9 billion, which is a 9 percent drop compared to the same period in 2020. Profit attributable to the bank's ordinary shareholders soared significantly to $1.03 billion for Q1 2021 compared to $477 million in Q1 of 2020. From January to March, the bank's operating expenses jumped by 6 percent to $2.5 billion. Earnings per share increased by 32 percent to 33.5 cents.

Chief Executive Officer at Standard Chartered, Bill Winters, said: "Our first-quarter performance was strong. Economic recovery advanced in many of our markets leading to improved transaction volumes and profitability. This was particularly the case in our Financial Markets and in Wealth Management, which had its best-ever quarter. Our areas of strategic focus including efforts to lead with a differentiated sustainability offering are growing well. Despite low-interest rates, we expect our underlying momentum to lead to income growth in the second half of 2021."

Fazzaco earlier reported that Standard Chartered partnered with Bloomberg​ to introduce an electronic trading workflow for Korea Treasury Bonds. This enables investors to efficiently access global and domestic sources of liquidity on the Bloomberg Terminal.