StanChart lifts full-year targets after quarterly profit jump trounces forecasts

Standard Chartered (StanChart) has announced that its third-quarter pretax profit has surged by 27%, exceeding market forecasts. The bank attributes this growth to robust client activity in a turbulent market environment, which has boosted revenue for its wealth and global markets divisions. As a result, StanChart has raised its full-year income growth target for 2026 to above 7%, surpassing its previous estimate of 5-7%.

Additionally, the bank has increased its return on tangible equity target to above 14%, up from its earlier forecast of exceeding 12%. StanChart, which primarily generates revenue in Asia and Africa, reported a pretax profit of $2.25 billion for the July-September quarter, surpassing the $1.77 billion earned in the comparable period last year and the $1.99 billion average of 16 analyst estimates.

The wealth division delivered a record third quarter, with income up 26%, driven by strong performance across products and regions.