Standard Chartered shares jump 8% after third-quarter earnings beat forecast
Standard Chartered’s third-quarter net profit rose 46 per cent as strong growth in cross-border trade loans and wealth management buffered one of Hong Kong’s three note-issuing banks from provisions linked to geopolitical tensions.
Net profit increased to US$1.5 billion, or 68.9 US cents per share, in the quarter that ended on September 30, compared with US$1.03 billion a year earlier, the London-based bank said in a filing to the Hong Kong stock exchange on Wednesday.
The result beat analysts’ forecast of US$1.2 billion.
Pre-tax profit rose 27 per cent to US$2.25 billion from US$1.77 billion a year earlier, beating analysts’ consensus estimate, according to the bank, which generates most of its business from Asia.
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