Standard Chartered Bank in the UAE reported profits before taxes of about $125 million (459.11 million dirhams) in the first quarter of 2024, representing a 4.17% growth compared to $120 million (440.75 million dirhams) in the same period in 2023. The bank’s operating profits before taxes also increased during the first quarter of 2024 in the UAE to approximately $131 million (481.15 million dirhams), a growth of 10.08% compared to $119 million (437.08 million dirhams) in the first quarter of 2023.
The value of the bank’s assets in the Emirates rose by 21.49% in the first quarter of 2024 to $24.559 billion (90.20 billion dirhams) from $20.215 billion (74.25 billion dirhams) in the first quarter of 2023. Standard Chartered surpassed expectations with a 5.5% increase in pre-tax profits in the first quarter, driven by higher income from interest rates and a strong performance in its markets trading business, despite a rise in credit losses.
The bank’s investment banking unit saw profits rise by 13% during the quarter, with an increased focus on fee-based income from markets and wealth management. Standard Chartered made a global pre-tax profit of $1.91 billion in the January-March quarter, compared to $1.81 billion in the same period a year earlier.
The bank allocated provisions totaling $1.2 billion for the commercial real estate sector in China, with a total credit exposure of $2.4 billion. Standard Chartered had previously taken $850 million in write-downs on its stake in China’s Bohai Bank. The bank continues to navigate challenges in the Chinese economy and real estate sector crisis.
Overall, Standard Chartered is adapting to a changing financial landscape by focusing on fee-based income, investment banking performance, and managing risks in key markets like China.