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 at its wealth management unit.
Here’s how Standard Chartered compares to the LSEG SmartEstimate, which is weighted by analysts’ forecasts that are more consistent and accurate:
- Pre-tax profit: $1.81 vs $1.59 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 income for the three months ended September rose 9% annually to $2.6 billion, compared with LSEG’s forecast of $2.57 billion.
Net interest margin, a measure of loan profitability, rose to 1.95%, compared with 1.63% a year ago.
Standard Chartered announced its largest-ever share buyback of $1.5 billion in July after releasing its second-quarter earnings. The company did not announce any additional buyback plans in a press release issued Wednesday.
A day after Asia-focused rival HSBC announced a new $3 billion share buyback, the bank reported third-quarter earnings that beat analysts’ expectations on strong revenue growth.
Standard Chartered 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, projecting operating income to rise from more than 7% to 10% in 2024.
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