Standard Chartered, an Asia-focused lender, has announced a 20% rise in its net profit for the first half of the year, thanks to higher net interest income. The bank’s underlying net profit reached $2.13 billion, while operating income increased by 14% to $8.95 billion, marking the highest half-yearly income since the second half of 2014. This growth has been primarily driven by a significant increase in net interest income, which rose by 29% on an underlying basis, influenced by the tightening of monetary policy worldwide.
During this period, the net interest margin also experienced a 35 basis point increase, reaching 1.67%.
Furthermore, Standard Chartered has revised its full-year income guidance and now expects constant-currency growth of 12% to 14%, surpassing its previous forecast of approximately 10%.
According to the bank, this strong beginning to 2023 is supported by positive momentum resulting from progress made on their Five strategic actions. Additionally, the market conditions in their footprint are projected to continue growing at a faster rate compared to those in the West.