The British bank Standard Chartered was up sharply on Thursday on the London Stock Exchange after publishing profits which jumped in the first quarter, driven by investment banking and wealth management in particular. The stock rose 5.9% to 736 pence around 09:30 GMT on the London Stock Exchange. Net profit share of the group increased 5% to 1.4 billion dollars for turnover (“operating income“) up 13% to £5.13 billion due to “strong activity and continued fallout from high interest rates“.
“Almost all segments performed better than expected, with revenue from “wealth management, investment banking and brokerage in particular”.“, comments Matt Britzman, analyst at Hargreaves Lansdown. “Exposure to commercial real estate in China has been a cause for concern but investors will be pleased to see that there is no notable increase in writedowns in this area», he adds. However, credit impairments quintupled over one year to $176 million.
