STAN Standard Chartered Plc

   By Yifan Wang 
 

Standard Chartered PLC said Thursday that it swung to a profit in the fourth quarter, thanks to higher income from its financial-markets business and better cost efficiency.

The Asia-focused bank posted underlying pretax profit of $139 million, compared with a loss of $192 million in the same period in 2020, one of its worst quarters since the coronavirus pandemic started.

Fourth-quarter operating income rose 4.1% to $3.33 billion, after the bank resumed topline growth in the previous quarter for the first time since 2019. The growth was driven by higher income from its financial-markets operations such as trading and financing services.

Net interest income fell to $1.70 billion from $1.76 billion due to a 0.05 percentage point decline in net interest margin to 1.19%.

For 2022, the bank maintained its previous guidance that income will grow in the 5%-7% range, while interest-rate increases by global central banks may provide some additional support.

The lender targets a compound annual growth rate of 8%-10% for 2022-24 income, driven by rising interest rates.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

February 17, 2022 00:20 ET (05:20 GMT)

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