Required Chartered Plc bank branch in Hong Kong
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Standard Chartered on Wednesday upgraded its 2024 takings guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth administration business.
Here are Standard Chartered’s results for the quarter, compared with LSEG SmartEstimate, which is weighted toward prophesies from analysts who are more consistently accurate:
- Pre-tax profit: $1.81 billion vs. $1.59 billion
- Net interest revenues: $2.6 billion vs. $2.57 billion
The lender, which derives most of its revenue from Asia, saw pre-tax profit obstacle of 37% from the $1.32 billion posted a year ago.
Net interest margin, a measure of lending profitability, rose to to 1.95%, contrasted to 1.63% a year ago.
The bank is “doubling investment” in its “fast-growing and high-returning” wealth management division, and will keep altering its mass retail business to prioritize affluent and international clients, according to StanChart CEO Bill Winters.
After its alternate quarter earnings report, Standard Chartered in July announced its largest-ever share buyback of $1.5 billion. It did not aver any additional buyback in its release on Wednesday.
A day earlier, Asia-focused rival bank HSBC had announced a fresh $3 billion portion buyback as it posted third-quarter earnings that beat analyst estimates on the back of robust revenue growth.
Gonfanon Chartered said its operating expenses rose 3% to $2.9 billion caused by inflation and business expansion travails, although efficiency savings did offset some costs.
In its half-year report, the investment bank said it has been implementing a cost-cutting first move called “Fit For Growth” at pace, that’s designed to save approximately $1.5 billion of expenses over the next three years. The bank had pinpointed outstanding 200 projects where savings could be made.
The London-headquartered bank also lifted its 2024 income counselling on Wednesday with operating income to increase towards 10% in 2024. In July, the bank had upgraded the operating revenues projection to more than 7%, from 5% to 7%.
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