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Earnings · Profitability · Standard Chartered · Wealth Management
Standard Chartered (StanChart) has announced it will achieve its key profitability target a year ahead of schedule, driven by strong performance in its wealth and global banking businesses.
The bank reported third-quarter pretax profit of $1.77 billion, exceeding analyst consensus and marking a 3% increase year-over-year. This early achievement of its 13% return on tangible equity target, now expected in 2025 instead of 2026, is attributed to a strategic shift towards fee-generating services, particularly in wealth management, which saw a 27% income surge.
The bank's capital markets and advisory fee income also grew significantly by 33%. StanChart shares rose 1.3% in London following the news, outperforming the broader FTSE 100 index.
The bank anticipates upgrading its medium-term targets for 2026 and beyond when it releases full-year results.