In the first quarter of 2024, Standard Chartered Bank in the UAE reported pre-tax profits of approximately $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 around $131 million (481.15 million dirhams) in the UAE during the first quarter of 2024, representing a growth of 10.08% compared to $119 million (437.08 million dirhams) in the same period in 2023.
One of the key factors driving 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. Additionally, Standard Chartered exceeded expectations with a 5.5% rise in pre-tax profits, driven by higher income from interest rates and strong performance in its markets trading business.
The bank’s investment banking unit also saw a notable increase in profits during the quarter, while fee-based income from markets and wealth management increased significantly as well, reflecting efforts to diversify revenue streams and reduce reliance on traditional banking activities
