StanChart lifts full-year targets after quarterly profit jump trounces forecasts

HONG KONG/LONDON, Oct ​28 — Standard Chartered (StanChart) said on Wednesday that third-quarter pretax profit jumped 27%, ‌as strong client activity amid volatile markets increased revenue ⁠for its wealth ​and global markets ⁠divisions.

It lifted its full-year income growth ‌target for ‌2026 to above 7% from its earlier ⁠estimate of in ⁠the middle of a 5-7% range. And it also boosted its return on tangible equity target, a key performance gauge, to above 14% from an ‌earlier forecast of exceeding ​12%.

StanChart, which earns most of its revenue in Asia and Africa, said pretax profit for the July-September quarter reached $2.25 billion.

That compares with $1.77 billion in the same period a year earlier and ​the $1.99 billion average of 16 analyst ‌estimates compiled by ‌the ⁠bank.

Its wealth division delivered a third consecutive record quarter, with income up 26%, supported by broad-based momentum across products ‌and geographies, the bank ​said.

(Reporting by Selena ‌Li in Hong ⁠Kong ​and Lawrence White in London; Editing by Edwina ​Gibbs)

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