Standard Chartered reported third-quarter pre-tax profit of 2.25 billion dollars, up 27% year on year and ahead of consensus, and lifted its full-year income growth target to above 7% after a third consecutive record quarter for its wealth division.
Standard Chartered reported third-quarter pre-tax profit of 2.25 billion dollars, up 27% from 1.77 billion dollars a year earlier and ahead of the 1.99 billion dollar average of 16 analyst estimates compiled by the bank.
Operating income rose 13% as reported, and 14% at constant currency, to 5.78 billion dollars, while income at the wealth division rose 26% for a third consecutive record quarter.
The bank lifted its full-year income growth target to above 7%, from a range of 5 to 7%, and its return on tangible equity target to above 14%, from above 12%. Chief executive Bill Winters pointed to broad-based growth, with year-to-date earnings per share up 27%.
The figures follow Reuters' coverage of the bank's results. One secondary account rounds the prior-year profit figure to 1.78 billion dollars; the 1.77 billion dollar figure used here follows Reuters.
The upgraded guidance raises the bar for the final quarter, with full-year results due early next year set to show whether the bank closes the year above its new income growth target.