Standard Chartered Bank Hong Kong Branch
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Standard Chartered Bank on Wednesday It raised its 2024 revenue guidance after third-quarter profit beat expectations, driven by record results in its wealth management business.
Here’s Standard Chartered’s results for the quarter, compared to the LSEG SmartEstimate, which is weighted by analysts’ forecasts that are more consistent and accurate:
- Profit before tax: $1.81 billion vs. $1.59 billion
- Net interest income: $2.6 billion vs $2.57 billion
The bank, which generates most of its revenue in Asia, saw its pretax profit rise 37% from $1.32 billion a year ago.
Net interest margin, a measure of loan profitability, rose to 1.95%, compared with 1.63% a year ago.
Standard Chartered’s chief executive says the bank is “doubling down” on its “fast-growing and high-returning” wealth management unit and will continue to transform its mass retail business to prioritize wealthy and international clients Bill Winters.
After Standard Chartered released its second-quarter earnings in July Announces largest share buyback ever $1.5 billion. The company did not announce any additional buyback plans in a press release issued Wednesday.
one day ago, Asia-focused rival HSBC Announces new $3 billion round of share buybacks Because it reported third-quarter earnings that beat analysts’ expectations Against the backdrop of strong revenue growth.
Standard Chartered said its operating expenses rose 3% to $2.9 billion due to inflation and business expansion efforts, although efficiency savings did offset some of the costs.
The investment bank said in its semi-annual report that it has been implementing Cost reduction plan called “Fit For Growth” The plan is expected to save approximately $1.5 billion over the next three years. The bank has identified more than 200 projects that could save money.
The London-based bank also raised its 2024 revenue guidance on Wednesday, expecting operating income to grow to 10% in 2024. Upgraded operations Revenue forecast increased from 5% to over 7%.
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