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October 26, 2022

Standard Chartered Q3 profit surges 41% to over $1bn

Standard Chartered has reported a profit of $1.08bn for the third quarter of 2022, a surge of 41% compared with $767m a year ago.

For the quarter ended 30 September 2022, statutory profit before taxation jumped 40% to $1.39bn from $996m last year.

Net interest income rose by 11% to $1.93bn from $1.73bn in the year ago period.

The bank’s statutory credit impairment during the quarter was $227m, almost double compared with $110m a year earlier, reflecting weakness in key economies.

The charges include $130m for exposure to China commercial real estates, among others, the bank noted.

Standard Chartered group CEO Bill Winters said: “We have posted a strong set of results in the third quarter, with income up 22% on a normalised basis and profit before tax up 35% year on year. We also continue to make significant progress against the five strategic actions outlined in February, including the completion of the $500m share buy-back announced at the 2Q’22 results, taking total shareholder distributions announced this year to $1.4bn.

“We remain confident in the delivery of our 2024 financial targets,” Winters added.

The bank’s wealth Management income declined 19% as “major equity markets remained subdued across the footprint reducing transaction volumes, as well as from the impact of COVID-19 restrictions in key markets.” StanChart’s performance contrasts with its larger rival HSBC, whose post-tax profit plummeted almost 40% to $2.56bn in the third quarter of 2022.

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