Standard Chartered lifts income guidance again after beating third-quarter profit forecasts

Standard Chartered connected Wednesday upgraded its 2024 income guidance arsenic it posted profits successful the 3rd 4th that bushed expectations, driven by grounds show successful its wealthiness absorption division.

Here are Standard Chartered's results compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are much consistently accurate:

• Pre-tax profit: $1.81 vs. $1.59 billion

The lender, which derives astir of its gross from Asia, saw pre-tax nett leap of 37% from the $1.32 cardinal posted a twelvemonth ago.

Net involvement income for the 3 months to September roseate 9% year-on-year to $2.6 billion, compared to LSEG estimates of $2.57 billion

Net involvement margin, a measurement of lending profitability, roseate to to 1.95%, compared to 1.63% a twelvemonth ago. 

After its 2nd 4th net report, Standard Chartered successful July announced its largest-ever stock buyback of $1.5 billion. It did not denote immoderate further buyback successful its merchandise connected Wednesday.

A time earlier, Asia-focused rival slope HSBC had announced a caller $3 cardinal stock buyback as it posted third-quarter net that bushed expert estimates connected the backmost of robust gross growth.

StanChart said successful its half-year study that it has been implementing a cost-cutting inaugural called "Fit For Growth" astatine pace, that's designed to prevention astir $1.5 cardinal of expenses implicit the adjacent 3 years. The slope had pinpointed implicit 200 projects wherever savings could beryllium made.

The London-headquartered slope besides upgraded its 2024 income guidance connected Wednesday with operating income to summation towards 10% successful 2024, from implicit 7%.

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