"The Group had a strong start to the year, with high single digit income growth over the comparative period of 2011...First quarter performance builds on the excellent momentum seen at the end of 2011 with good income progression in both businesses (consumer and wholesale banking) over the comparable period," StanChart said in an interim report.
StanChart does not issue its full quarterly numbers, and releases its earnings twice a year.
The Asia-focused bank's high single-digit revenue growth in the three months ended March 31 was driven by double-digit income growth in markets such as Hong Kong, Malaysia, Indonesia, China and Americas, the UK and Europe.
This more than offset the impact of subdued domestic business sentiment in India, the lender said.
In addition, first quarter's revenue growth was also significantly impacted by robust performance of consumer and whole sale banking operations.
Although, StanChart said that the revenue growth continued to be effected by the strong US dollar against Asian currencies.
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StanChart's consumer banking division and wholesale banking operations delivered good single digit revenue growth in the quarter under review.
"StanChart has had a strong start to 2012, with good performances across a broad spread of geographies and products. We continue to benefit from the disciplined execution of our strategy and are very well positioned in dynamic markets with strong fundamentals," the Group Chief Executive Peter Sands said.
He added that the macro-economic sentiment is showing signs of improvement although uncertainties and risks in global environment existed.
The headcount levels in StanChart at the end of the first quarter were broadly flat on the end of 2011.
In addition, the the group's expenses remained under tight control; the income growth exceeded cost growth in the first quarter.
"In light of the group's strong start 2012, we have approved an accelerated release of investment spend over and above budget levels," StanChart said.
The next update will be provided by the bank in its pre-close trading statement in June. PTI SSM SP KSR