Shares in Standard Chartered rose on the FTSE 100 after the company said it had "a very strong start to the year" and was in "excellent shape".
The bank said in a statement, "Overall, the group had a very strong start to the year, despite margin headwinds and increasing competitive pressures, with a record quarter in terms of both profit and income."
In addition Standard Chartered said, "The Group remains in excellent shape, is highly liquid, well capitalised and has a firm grip of risks and costs."
Last year Standard Chartered reported record half year profits of $2.84 billion, while full year pre-tax profit was $5.2 billion, up 13 per cent from the previous year.
Richard Hunter, Head of UK Equities at Hargreaves Lansdown Stockbrokers, commented, "Standard has yet again reminded investors of its premium status with an update detailing record quarterly income and profits.
"The group's business mix has benefited from further strength in its Asian regions, where its consumer unit has complemented the ever robust contribution from the wholesale business. Cost growth exceeded revenue growth in corporate banking during the quarter, but this was largely attributable to an expansion in staff to cope with demand. The group remains strongly capitalised, liquid and well positioned for the continuing Asian growth story, which has already given it an edge on its rivals throughout the recent crisis.
"Whilst the yield on the shares is not excessively generous, dividend payments have nonetheless been paid throughout. The corporate outlook is bright and the 66% hike in the share price over the last year has brought the stock within sight of levels not seen since before the crisis. Despite this comfortable outperformance of the FTSE100 over twelve months, market consensus remains positive and the stock is seen as a continuing buy."
By 12:24 shares in Standard Chartered were up 0.40 per cent to 1,764.00 pence per share.