StanChart lifts full-year targets after quarterly profit jump trounces forecasts
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
HONG KONG/LONDON, Oct 28 : Standard Chartered (StanChart) said on Wednesday that third-quarter pretax profit jumped 27 per cent, as strong client activity amid volatile markets increased revenue for its wealth and global markets divisions.
It lifted its full-year income growth target for 2026 to above 7 per cent from its earlier estimate of in the middle of a 5-7 per cent range. And it also boosted its return on tangible equity target, a key performance gauge, to above 14 per cent from an earlier forecast of exceeding 12 per cent.
StanChart, which earns most of its revenue in Asia and Africa, said pretax profit for the July-September quarter reached $2.25 billion.
That compares with $1.77 billion in the same period a year earlier and the $1.99 billion average of 16 analyst estimates compiled by the bank.
Its wealth division delivered a third consecutive record quarter, with income up 26 per cent, supported by broad-based momentum across products and geographies, the bank said.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app