StanChart beats estimates, profit swells

London

STANDARD Chartered Plc's return to its roots as a trade bank is bearing fruit.

Transaction banking revenue climbed the most in more than three years, rising 10 per cent to US$785 million, amid increased Asian trade volumes and rising global interest rates, the London-based company said in a statement Wednesday. That helped overall revenue increase from a year earlier for the second straight quarter, following two years of declines.