Standard Chartered Plc reported better than expected results for the first quarter saying its business had been boosted by rising interest rates.
The bank said first-quarter pretax profit rose 21 per cent beating analyst estimates, as rising interest rates and increased trading in volatile markets boosted income at the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, reported adjusted pretax profits of $1.71 billion in a statement Wednesday, exceeding a Bloomberg-compiled analyst estimate of $1.5 billion for the first three months of the year. Net interest income increased 13 per cent.
