StanChart Q3 2024 earnings

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StanChart Q3 2024 earnings

Standard Chartered Plc bank branch in Hong Kong

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upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management division.

Here are Standard Chartered’s results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate:

Pre-tax profit: $1.81 vs. $1.59 billion

The lender, which derives most of its revenue from Asia, saw pre-tax profit jump of 37% from the $1.32 billion posted a year ago.

Net interest income for the three months to September rose 9% year-on-year to $2.6 billion, compared to LSEG estimates of $2.57 billion

Net interest margin, a measure of lending profitability, rose to to 1.95%, compared to 1.63% a year ago. 

After its second quarter earnings report, Standard Chartered in July announced its largest-ever share buyback of $1.5 billion. It did not announce any additional buyback in its release on Wednesday.

A day earlier, Asia-focused rival bank HSBC had announced a fresh $3 billion share buyback as it posted third-quarter earnings that beat analyst estimates on the back of robust revenue growth.

StanChart said in its half-year report that it has been implementing

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at pace, that’s designed to save approximately $1.5 billion of expenses over the next three years. The bank had pinpointed over 200 projects where savings could be made.

The London-headquartered bank also upgraded its 2024 income guidance on Wednesday with operating income to increase towards 10% in 2024, from over 7%.

This is a breaking news story. Please check back later for updates.

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#StanChart #earnings

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