In the first quarter of 2024, Standard Chartered Bank in the UAE reported a significant increase in pre-tax profits, reaching $125 million (459.11 million dirhams), an impressive 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 by around $8 million (30.45 million dirhams) in the UAE, marking a growth of 6.35% compared to $119 million (437.08 million dirhams) in the first quarter of 2023.
The bank’s assets in the Emirates saw a significant increase 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. Standard Chartered exceeded expectations with a 5.5% rise in pre-tax profits, driven by higher income from interest rates and a strong performance in its markets trading business.
The bank’s investment banking unit saw a remarkable increase of 13% profits during the quarter, while fee-based income from markets and wealth management also increased significantly, reflecting the bank’s efforts to diversify its revenue streams and focus on sustainable growth strategies that prioritize long-term success over short-term gains.
Globally, Standard Chartered made a pre-tax profit of $1.91 billion in the first quarter of 2024, compared to $1.81 billion in the same period last year, indicating steady growth despite global economic challenges.
Despite facing challenges from 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.
In conclusion, Standard Chartered Bank continues to thrive and expand its operations globally while maintaining financial stability and profitability despite global economic challenges such as slowdowns and crises like China’s real estate market downturn.
