StanChart profit swells a surprise 21% on soaring interest rates

HONG KONG/London (Reuters) -Standard Chartered PLC (StanChart) on Wednesday said first-quarter pretax profit jumped 21%, beating analyst estimates, as rising interest rates buoyed cash management income and retail product sales of the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for January-March reached $1.81 billion. Chief Executive Bill Winters said he now expects income to grow around 10% this year, at the top end of a previously guided range.

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