Standard Chartered (2888) announced its first quarter results. The basic profit before taxation was USD 1.4 billion, up by 10% year-on-year; statutory profit before tax increased by 5% to USD 1.2 billion year-on-year; operating income fell by 2% year-on-year to USD 3.8 billion. Net interest income increased by 4% to USD 2.272 billion; other income fell by 9% year-on-year to USD 1.541 billion.

During the period, the net interest margin decreased by 0.03 percentage points year-on-year to 1.56%; the basic rate of return on shareholders' equity was 8.5%; the common equity tier 1 was 13.9%, down by 30 basis points from the end of last year, mainly due to the profit generated during the period net of dividends were offset by higher RWAs. And also resolution of legacy conduct and control issues reduced retained earnings by USD 186 million.

Chief Executive Bill Winter commenting on the first quarter earnings performance that, the company is confident that the full-year return will be raised to at least 10% by 2021. The bank will maintain current strategic investments and will start to buy back USD 1 billion of shares.