Standard Chartered tax profits went up 18 percent year-over-year for the first quarter, beating experts, while a UK lender stopped giving bad loans that occurred during the coronavirus epidemic.
A new bank that is just looking at the markets was a new lender to profit from to formulate ideas for a global economy a year since the launch of Covid-19.
Its $ 1.4bn profit was higher than the $ 985m forecast, experts said Thursday. However, operating costs were down 9% annually to $ 3.9bn, according to expectations.
The bank took $ 20m in debt relief, down $ 936m from the first quarter of last year. Withdrawal of $ 35m from disposable savings accounts, a small amount compared to its HSBC counterpart, who announced $ 400m release contributions this week.
StanChart CEO Bill Winters he said the economic recovery from Covid-19 has brought about a multi-faceted transformation and profitability. “This was especially true in our financial markets and asset management, which played a very positive role,” he said. “Even though we have a low interest rate, we expect the increase to increase in value by the second quarter of 2021.”
The international experiment that the lender has put in place is a political one between the US, the UK and China. Relationships grew last year when Beijing established a violating national security laws in Hong Kong.
In February, Winters said he hoped US President Joe Biden would reunite with China and end “increased trade”, but there has been little evidence of reconciliation.
StanChart has been struggling to match its reliance on trade in China with its export message: “here’s the good”. You have also been pressured by their organization and investors to articulate their views on human rights and the environment.
This week, HSBC also reported a 79% increase in net profit per quarter to $ 5.8bn, much higher than the $ 3.3bn predicted by experts.