Standard Chartered Group Surges Over 5% During Trading Session as Goldman Sachs Raises Target Price from HK$237 to HK$243

Deep News05-04 15:50

Standard Chartered Group (02888) rose by 5% during the trading session. At the time of writing, the stock was up 3.30%, trading at HK$197.10 with a turnover of HK$1.74 billion.

The group recently released its first-quarter 2026 results, reporting a record-breaking 9% increase in operating income to $5.9 billion. This growth was driven by record quarterly performances in both its wealth solutions and global banking businesses. Credit impairment charges stood at $296 million, which included a general additional provision of $190 million made as a precaution against uncertainties related to Middle East conflicts. Profit before tax reached $2.5 billion, a 17% increase.

Goldman Sachs issued a research report maintaining its "Buy" rating on Standard Chartered Group (02888) and raised its target price from HK$237 to HK$243. The report highlighted the strong first-quarter results for the year, with profits exceeding market expectations by 25%, primarily benefiting from robust non-interest income. Net interest income and the effective tax rate were also slightly better than anticipated. Goldman Sachs increased its earnings per share forecast for Standard Chartered for 2026 by 5%, reflecting the better-than-expected first-quarter performance and lower credit loss assumptions.

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