Standard Charted Plc has a 29% Increase in Q1
Standard Charted Plc revealed on 2019-04-30 their Interim Management Statement for the first quarter of 2019. This ITM shows that this international bank has had growth in financial markets, particularly with international rates and foreign exchanges.
This British Company, which operates in Asia and Africa as well as Europe, has seen improvements in market sentiment, resulting in a financial market segment listed at $749 million. This is 29% higher than Q1 in 2018 and 3.3% higher for the overall year. Income for Standard Chartered’s Forex Firm was listed at $299 Million for Q1. At the same time last year, the Forex Firm only attained $250 Million in income. This is a 19.6% rise in growth compared for the first quarter for 2018.
Additionally, this international banking firm revealed that they had significant growth in “Rate Income”. Last year, their income on rates was only $63 million in the first quarter; however, in Q1 of 2019 they earned $221 Million on income for rates. Unfortunately, “Income on Commodities” didn’t hold up very well, dropping by 11.8% in Q1 2019.
Total Profit Q1 – $818 Million
Standard Charted Plc is a banking service available in 60 markets and listed on the London, Hong Kong and India stock exchanges. As a whole, this banking firm was able to report a profit of $818 Million. Compared to the yearly profit of 2018, they have already risen by 1.9%. However, Operating Income dropped for the firm, by 1.5%.
The Chief Executive for Standard Charted Plc, Bill Winters, commented on their Interim Management Statement by saying: “Our first quarter profit supports our belief that we will generate full-year returns of at least 10% by 2021. The resolution of our legacy conduct and control issues means we can now manage our capital position more dynamically. We will maintain our strategic investment programme and start to buy back $1 billion of our shares, reflecting our confidence in our ability to execute the strategy and create long-term shareholder value.”