StanChart lifts full-year targets after quarterly profit trounces forecasts
HONG KONG/LONDON: Standard Chartered (StanChart) on Wednesday hiked its income and profitability targets after third-quarter profit handily beat estimates with robust performances from its wealth and global markets divisions.
Standard Chartered (StanChart) has raised its full-year income and profitability targets after reporting a strong third-quarter profit, which surpassed market expectations. The bank's Hong Kong-listed shares rose 5.4 percent after the announcement. StanChart's pretax profit for the July-September quarter increased 27 percent to US$2.25 billion, outpacing the consensus estimate of US$1.99 billion.
The bank's wealth division achieved a third consecutive record quarter, with income up 26 percent, driven by momentum across products and geographies. StanChart aims to secure net new money inflows of US$200 billion between 2025 and 2028, ahead of its previous 2029 goal. Its fee-based revenue, which is less impacted by interest rate fluctuations, grew 19 percent to US$2.81 billion in the quarter, surpassing the average estimate of US$2.68 billion.
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