LONDON (dpa-AFX) - Shares of Standard Chartered Plc were gaining more than 5
percent on the London Stock Exchange after the lending major reported Thursday
higher profit in its first quarter, despite weak net interest income. The
company further maintained its fiscal 2024 guidance.

Bill Winters, Group Chief Executive, said, 'We delivered a strong set of results
in the first quarter of 2024, with double-digit growth in income and positive
operational leverage. Business performance was strong and broad-based across our
segments, products and markets in what continues to be an uncertain environment.
. We remain confident in the delivery of our financial targets and are
maintaining our full year 2024 guidance.'

The company said the start to the year has been strong and the momentum seeing
across its businesses gives confidence in meeting targets.

For fiscal 2024, the company continues to expect operating income to increase
around the top of 5 percent to 7 percent range in 2024, on an adjusted basis.

Net interest income for 2024 is still expected to be $10 billion to $10.25
billion, at constant currency basis.

For the first quarter, profit before tax was $1.91 billion, up 6 percent from
$1.81 billion in the prior year.

Profit attributable to ordinary shareholders grew 5 percent to $1.22 billion
from prior year's $1.16 billion. Earnings per ordinary share grew 5.6 percent to
45.4 US cents from last year's 39.8 US cents.

Underlying profit before taxation was $2.13 billion, compared to last year's
$1.71 billion. Underlying profit attributable to ordinary shareholders was $1.39
billion, compared to last year's $1.08 billion.

Underlying earnings per share, in cents, were 51.7, compared to 36.8 a year ago.

Operating income increased 13 percent to $5.13 billion from last year's $4.56
billion. Underlying operating income was $5.15 billion, up 17 percent from last
year's $4.40 billion.

First quarter net interest income declined 22 percent to $1.57 billion from
$2.01 billion in the previous year. Non net interest income was $3.56 billion,
down 39 percent the previous year.

Underlying net interest income was $2.42 billion, up 3 percent from last year's
$2.34 billion. Underlying non net interest income was $2.73 billion, up 33
percent from $2.06 billion a year ago.

In London, Standard Chartered shares were trading at 732.40 pence, up 5.38
percent.

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