StanChart third-quarter profit surges 27%, lifts income target
HONG KONG/LONDON: Standard Chartered said on Wednesday that third-quarter pretax profit jumped 27%, as strong client activity amid volatile markets increased revenue for its wealth and global markets divisions. It also lifted its full-year income growth target for 2026 to above 7% from its earlier estimate of in the middle of a 5-7% range. StanChart, which earns most of its revenue in Asia and…
Standard Chartered (StanChart) announced on Wednesday that its third-quarter pretax profit surged 27%, surpassing market forecasts. The bank credited strong client activity in a volatile market for the increase in revenue from its wealth and global markets divisions. In response to the impressive performance, StanChart raised its full-year income growth target for 2026 to above 7% from an initial estimate of 5-7%.
Additionally, the bank boosted its return on tangible equity target, a crucial performance metric, to above 14% from its previous forecast of exceeding 12%. StanChart's primary revenue streams come from Asia and Africa, with the company reporting a pretax profit of $2.25 billion for the July-September quarter. This figure marks a significant jump from $1.77 billion in the same period last year and exceeds the average $1.99 billion expected by 16 analysts, as per the bank's assessment.
The wealth division led the charge, delivering a record third consecutive quarter of growth, with income up 26%, driven by sustained momentum across all products and regions.
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