SINGAPORE (Reuters), Standard Chartered’s pre-tax profit for the first quarter rose 6%. The rise in interest rates has benefited emerging market-focused lenders like Standard Chartered.

The bank’s statutory pretax profit, which is largely derived from Asia, increased to $1.49 Billion in January-March, compared with $1.4 Billion a year ago. The bank compiled an average $1 billion estimate from 16 analysts.