Economy

StanChart Reports Third-Quarter Profit Rises 78 Percent

StanChart Reports Third-Quarter Profit Rises 78 Percent”

The bank's pretax profit rose 78 percent compared with the third quarter a year ago to $814 million, higher than the $809 million average of analysts' estimates, according to Thomson Reuters data.

In the third quarter of past year the Liverpool shirt sponsor was hit with heavy losses from private equity and bad loans, something it avoided this time around.

Standard Chartered posted pre-tax profits of $1.8bn (£1.4bn) for the first half of the year but failed to resume dividend payments to the disappointment of investors.

But the bank's shares looked set for their biggest single-day fall in three months, with analysts saying the profit increase was driven by a drop in provisions for bad loans rather than growing income significantly, as investors had hoped for.

Income in StanChart's financial markets business fell around 9 percent year-on-year in the third quarter to $663m, a more modest decline than at some U.S. and European rivals.

Bill Winters, Group Chief Executive, said, "We have doubled profits compared to the same period previous year as we continue to make progress in realising the potential of the Group".

Standard Chartered's expenses grew 4% in the third quarter to $2.5bn (£1.9bn), largely as a result of accelerated investments.

"This process and the continued investments to support it are reflected in the results and will deliver greater long-term value to our shareholders".

The bank said the global economy is recovering, albeit at a slow pace, but warned that strong competition was keeping asset margins "under pressure".



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