Standard Chartered released its first-quarter report at noon today, with basic operating income of $3.929 billion, down 9 per cent from a year earlier, with market estimates of $3.87 billion, while profits attributable to basic common shareholders were $1.053 billion, up 30 per cent from a year earlier.

Underlying profit before tax rose 18% to $1.4 billion. Credit impairment fell by $936 million year-on-year to $20 million. Statutory profit before tax rose 59 per cent to $1.4 billion, with market estimates of $1.08 billion, including $258 million in goodwill write-downs in the first quarter of 2020. Standard Chartered expects impairment expenses to fall sharply this year compared with the same period last year.