-
2 arrested in suspicious death of 61-year-old man in Prince George - 13 mins ago
-
‘Majestic brightness’: Warsaw’s Museum of Modern Art finds a new permanent home | Poland holidays - 14 mins ago
-
GitHub Copilot Gets Upgraded With Multi-Model Support, New GitHub Spark AI Tool Announced - 15 mins ago
-
Report – Prosecutors reviewing warrant request for Lions’ Williams - 18 mins ago
-
Feyernoord vs Ajax Prediction: Eredivisie greats clash - 19 mins ago
-
Family of electrocuted man call for changes to law - 21 mins ago
-
Europe prepares for ‘America First’ push no matter who wins U.S. election - 32 mins ago
-
Harbhajan Singh ‘Has Last Laugh’ As Pakistan Warning To Gary Kirsten Turns Into Reality - 33 mins ago
-
How one woman is tackling the abandoned pet crisis - 36 mins ago
-
Volkswagen Q3 2024 results - 46 mins ago
StanChart Q3 2024 earnings
Standard Chartered Plc bank branch in Hong Kong
Bloomberg | Bloomberg | Getty Images
Standard Chartered on Wednesday 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 a cost-cutting initiative called “Fit For Growth” 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.
Source link