According to StanChart, the statutory pre-tax profit saw a rise to 1.39 billion dollar for three months ending 30 September as compared to 996 million dollar in previous year. It also went up against 1.05 billion dollar average estimate of 14 analysts, as compiled by the bank. StanChart’s weakness too reflected in key economies after the statutory credit impairment charges more than doubled to 227 million dollar from previous year
With a gain from a sharp rise in income on higher interest rates, Standard Chartered recorded an increase in of 40 per cent in its quarterly profit.
The better outlook of the emerging markets-focused bank for the year came from its improved performance and rising revenues from interest rates. It is now expecting a rise in income by 13 per cent instead of a previous forecast of 10 per cent.
According to StanChart, the statutory pre-tax profit saw a rise to 1.39 billion dollar for three months ending 30 September as compared to 996 million dollar in previous year. It also went up against 1.05 billion dollar average estimate of 14 analysts, as compiled by the bank.
CEO, Bill Winters in a statement said, that StanChart remains confident to deliver their 2024 financial targets.
StanChart’s weakness too reflected in key economies after the statutory credit impairment charges more than doubled to 227 million dollar from previous year.
It marks its presence in 59 markets with around 85,000 staff. The lender, which earns most of its revenue in Asia, majorly depends on catering trade flows between its key markets of Asia, Africa and the Middle East. However, not in the race of larger rivals in commercial banking and investment banking.
Normally, increasing rates boosts bank profits as it allows them to book more from lending than the sums they pay to savers. However, currently threat of an economic downturn is hovering that may cause big losses for lenders.