Shares in Standard Chartered rocketed after the bank’s first-quarter results beat expectations.
The stock jumped 14.2 per cent, or 67.9p, to 547.6p as profits for the first three months of 2022 jumped 7 per cent to £1.2billion.
The bank makes most of its money in Asia, and said growth in its trading and transaction banking divisions offset volatility in its main markets.
It is the first major British banks to report a rise in profits, as the likes of HSBC, Lloyds and Barclays have set money aside to cope with a weakening economy.
HSBC said Covid lockdowns in Asia were hampering business.