Standard Chartered has reported underlying pre-tax profit of $1.04bn for the first quarter of 2017, a 94% jump from $539m reported a year ago.

After a $55m restructuring charge, the banking group’s statutory pre-tax profit was $990m for the quarter ended 31 March 2017.

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Operating income increased 8% to $3.61bn from $3.34bn a year ago. Other operating expenses rose 3% year-on-year to $2.07bn.

The banking group’s regulatory costs soared 27% to $309m from $243m a year ago.

The group’s retail banking unit reported income of $1.17bn for the first quarter of 2017, up 2% versus $1.15bn in the parallel quarter of 2016.

Income from transaction banking was $785m, a 9% rise from $716m in the previous year. Income from retail products dropped 5% to $871m from $915m a year earlier.

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Standard Chartered group CEO Bill Winters said: “We are making good progress improving the performance of the Group. The significantly increased profit before tax results from particularly low loan impairment and our focus on cost control.

“Competition in our markets remains intense but our investments in the business and focus on our clients is making us more competitive and will enable us to deliver sustainable income growth over time.”