In the first quarter of 2024, Standard Chartered Bank in the UAE reported pre-tax profits of around $125 million (459.11 million dirhams), marking a growth of 4.17% compared to $120 million (440.75 million dirhams) in the same period in 2023. The bank’s operating profits before taxes also increased to approximately $131 million (481.15 million dirhams) in the first quarter of 2024, representing a growth of 10.08% compared to $119 million (437.08 million dirhams) in the first quarter of 2023.
One of the key drivers behind this growth was an increase in assets in the Emirates, which saw a significant rise of 21.49% in the first quarter of 2024, reaching $24.559 billion (90.20 billion dirhams) compared to $20.215 billion (74.25 billion dirhams) in the same period in 2023. This increase was driven by higher income from interest rates and a strong performance in its markets trading business, which exceeded expectations with a 5.5% rise in pre-tax profits during the quarter.
In addition to its assets growth, Standard Chartered’s investment banking unit also saw a 13% increase in profits during this period, while fee-based income from markets and wealth management also increased as part of the bank’s diversification strategies.
Despite facing challenges such as write-downs on its stake in China’s Bohai Bank due to economic slowdown and real estate crisis, Standard Chartered remains focused on growth and diversification strategies to ensure long-term success.
Globally, Standard Chartered made a pre-tax profit of $1.91 billion