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Standard Chartered raises annual targets as quarterly profit rises 27%
The bank now expects operating income growth above 7% and a return on tangible equity above 14%. Its Hong Kong-listed shares rose 8%.
Standard Chartered raised its full-year outlook on October 28 after reporting third-quarter pretax profit of $2.25 billion, a 27% increase. The gain exceeded the 12% rise expected in consensus estimates, while the bank's Hong Kong-listed shares advanced 8%.
The lender, which focuses on Asia, Africa and the Middle East, said it expects annual operating income to increase more than 7%, replacing its 5-7% forecast. It also lifted its target for return on tangible equity to above 14%, compared with its previous goal of exceeding 12%.
Wealth income increased 26%, with the division recording its third consecutive quarterly record. Volatility following the Iran war prompted clients to seek new products. Income at the global markets business rose 21%, supported by heavy trading in currencies and commodities.
Quarterly fee-based revenue reached $2.81 billion, up 19% from a year earlier and above the average estimate of $2.68 billion. That revenue is less exposed to changes in interest rates.
Chief Financial Officer Manus Costello said the bank was examining how recent equity-market swings were affecting wealth clients. He said growth in the division remained steady, while cautioning that this could change.