Standard Chartered reported a solid trading update earlier this week, with management pointing to a strong first quarter with “record levels of income and profit”.
IC TIP:
Hold
at
1150p
In particular, income at the lender’s wholesale banking operation was significantly ahead of last year, while corporate asset quality was described as “good”. And even though the consumer banking unit’s credit quality continues to deteriorate, management has maintained a strong grip on costs and headcount levels there. The bank’s mortgage business has performed especially well, with continued margin improvement in Hong Kong, Singapore, Taiwan and India.
