Q1 2023 Standard Chartered PLC Earnings Call Transcript
Good day, and welcome to the Standard Chartered First Quarter '23 Results Presentation. (Operator Instructions) I would also like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Bill Winters, Chief Executive, to begin the conference. Bill, over to you.
Good morning and good afternoon. Thanks for joining our first quarter results call today. I'll make some opening remarks, and Andy will talk to the numbers before we do the usual Q&A.
Our first quarter results were strong. And despite the challenging external environment, income was up 13% to $4.4 billion. And underlying profit before tax improved 25% to $1.7 billion. This is our highest first quarter profit since 2014. Return on tangible equity was up 170 basis points to 11.9%. We've also made really good strong progress on each of our strategic initiatives, growing our Network business, our Affluent client segment, and Sustainable Finance income while accelerating
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