Standard Chartered Bank Surpasses Expectations with 5.5% Growth in Pre-Tax Profits in Q1 2024

In the first quarter of 2024, Standard Chartered Bank in the UAE reported a pre-tax profit of approximately $125 million (459.11 million dirhams), representing an increase of 4.17% compared to $120 million (440.75 million dirhams) in the same period in 2023. The bank’s operating profits before taxes also increased to around $131 million (481.15 million dirhams) in the first quarter of 2024, marking a growth of 10.08% compared to $119 million (437.08 million dirhams) in the first quarter of 2023.

The bank’s assets in the Emirates saw a significant increase of 21.49% in the first quarter of 2024, reaching $24.559 billion (90.20 billion dirhams) compared to $20.215 billion (74.25 billion dirhams) in the same period in 2023. Standard Chartered exceeded expectations with a 5.5% rise in pre-tax profits in the first quarter, driven by higher income from interest rates and a strong performance in its markets trading business.

The bank’s investment banking unit saw a 13% increase in profits during the quarter, while Standard Chartered has also increased fee-based income from markets and wealth management, focusing on diversifying its revenue streams globally, making it unique among other banks operating within this region.

In terms of credit exposure reduction, the bank set aside provisions totaling $1.