StanChart Q1 profits surge on higher interest rates

Standard Chartered posted better-than-expected profits driven by higher interest rates and forecast annual earnings at the top end of guidance.

The Asia-focused bank said pre-tax profit reached $1.81bn, up 21% and better than the $1.43bn average of 14 analyst estimates compiled by the bank. It now expects income this year to grow around 10%, the top of a previously guided range.

Bad debt provision was $26m against $198m in the same period a year earlier.

Reporting by Frank Prenesti for Sharecast.com