Standard Chartered has reported statutory profit before tax of $774m for the third quarter of 2017, a surge of 144% compared to $317m in the year ago period.
For the quarter ended 30 September 2017, the bank’s underlying profit before tax was $814m, a jump of 78% compared to $458m in the third quarter of 2016.
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Operating income stood at $3.59bn, up 4% from $3.46bn in the previous year. The banking group’s operating expenses rose 4% to $2.48bn from $2.38bn a year ago. Regulatory costs increased 21% year-on-year to $336m.
Income from private banking business was $128m, up 2% from $125m in the third quarter of 2016. Operating income in the bank’s wealth management arm soared 26% to $488m from $387m last year.
Standard Chartered group CEO Bill Winters said: “We have doubled profits compared to the same period last year as we continue to make progress in realising the potential of the Group. We are transitioning our businesses to deliver higher quality income to improve sustainable returns. This process and the continued investments to support it are reflected in the results and will deliver greater long- term value to our shareholders.”
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By GlobalData
