StanChart raises revenue outlook

Bloomberg

Standard Chartered (StanChart) Plc shares surged after it beat estimates in the first quarter and the lender said revenue would climb more this year than the previously predicted.
Underlying pretax profit posted a surprise 4% rise to $1.5 billion in the period on a jump from its trading business, the London-based bank said in a statement on Thursday. Revenue growth for all of 2022 is expected to “slightly exceed” the previously guided 5% to 7% range, it said.
Financial markets revenue rise 32% in the first three months of the year, boosted by its commodity business and easily offsetting declines in wealth management. Net interest income rises as higher rates widened margins.
“Our first quarter performance was strong despite the volatile macro environment,” said Chief Executive Officer Bill Winters in the statement. “We are on track to deliver 10% return on tangible equity by 2024, if not earlier.”
Rising interest rates are expected to boost revenue as major economies enter a tightening cycle to contain inflation. Standard Chartered has previously said that low rates cost it about $1.5 billion in lost profits.