Credit impairments fell sharply at Standard Chartered, enabling the growth market-focused lender to beat analyst estimates and deliver profitability in the first quarter.
Standard Chartered posted pre-tax profits of $1.4 billion, according to its latest results, marking an 18 percent increase compared with $1.2 billion last year.
It also beat compiled analyst forecasts of $1.08 billion.
Amongst the most notable improvements was from credit impairment charges which fell sharply from $354 million in the previous quarter to just $20 million.
The bank also registered strong performance from its wealth management businesses which saw a record quarter with a 21 percent increase in income from strong sales of foreign exchange and equity-related products.
In Asia, it boosted its pre-tax profits by 21 percent to $1.23 billion.
In line with its continued pursuit to cut office space – in Singapore and Hong Kong, for example – and permanently adopt flexible working conditions, the bank will also significantly reduce its branch network.
Standard Chartered will cut the number of branches by half to around 400 after having as many as 1,200 worldwide in 2014.