Standard Charted posts surprise 21% rise in profit on high interest rates

Standard Chartered Plc reported better than expected results for the first quarter saying its business had been boosted by rising interest rates.

The bank said first-quarter pretax profit rose 21 per cent  beating analyst estimates, as rising interest rates and increased trading in volatile markets boosted income at the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, reported adjusted pretax profits of $1.71 billion in a statement Wednesday, exceeding a Bloomberg-compiled analyst estimate of $1.5 billion for the first three months of the year. Net interest income increased 13 per cent.