In the first quarter of 2024, Standard Chartered Bank in the UAE reported a pre-tax profit of approximately $125 million (459.11 million dirhams), 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 this time to approximately $131 million (481.15 million dirhams), up 10.08% from $119 million (437.08 million dirhams) in the first quarter of 2023.
In addition, the value of Standard Chartered’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 same period in 2023.
Despite challenges, including a rise in credit losses, Standard Chartered surpassed expectations with a 5.5% increase in pre-tax profits during the January-March quarter due to higher income from interest rates and strong performance in its markets trading business.
The bank’s investment banking unit also saw profits rise by 13% during this time, driven by an increased focus on fee-based income from markets and wealth management.
However, despite these positive developments, Standard Chartered still faces challenges such as navigating risks in key markets like China and allocating provisions totaling $1.
