This time three months ago, StanChart was revealing an $876m underlying pre-tax loss: today it has reported a profit of $539m.
Compared to the fourth quarter of 2015, operating pre-tax profit was up 264 per cent, while operating income nudged up three per cent.
StanChart said trading conditions remained similar to the last quarter of 2015, with "depressed commodity prices, volatility in Chinese markets, weak emerging market sentiment and concerns around interest rate and other policy actions" all affecting overall performance.
Year-on-year, the figures still make for grim reading: Operating pre-tax profit plummeted 43 per cent to $1.1bn, down from $1.9bn last year. The group recorded an underlying profit of $539m, down 64 per cent from $1.5bn in the same period in 2015.
Operating income also fell, down 24 per cent to $3.3bn for the three months to 31 March, with operating expenses climbing 12 per cent to just over $2bn. Total operating expenses were up 10 per cent to $2.2bn.
Standard Chartered's share price was up 6.4 per cent in mid-morning trading.
Why it's interesting
StanChart is the first of the UK banks to release its first quarter trading updates, and there is plenty of expectation resting on chief executive Bill Winters to turn the struggling lender around.
This quarter's trading was in line with expectations, despite the ongoing challenges in the trading environment, which is a sign that Winters and the rest of the management team are making some headway.
However, StanChart warned that in light of those market conditions, and the early implementation of its turnaround plan, group performance would be "subdued" for the full year.
"The fundamental value of the group remains intact, and we are executing our strategy with discipline to drive the right type of business that will deliver sustainably higher returns over time," StanChart added.
What StanChart said
Winters added: "Although trading conditions in the first quarter remained challenging, we continue to make good progress on our strategic objectives.
"The management team is in place, we are taking action to improve recent income trends, managing costs tightly, progressing on key investments, making early progress on the exit of the liquidation portfolio, and maintaining strong levels of capital and liquidity."
StanChart is starting to make progress - but there is a long road ahead.