LONDON (dpa-AFX) - British lending major Standard Chartered Plc (SCBFF.PK, STAC.L, STAN.L) reported Thursday higher profit and operating income in its third quarter, mainly benefited by growth in non-net interest income, despite weakness in net interest income. Further, the company upgraded fiscal 2025 income growth view, now expecting towards the upper end of the guidance range.
In Hong Kong, Standard Chartered shares were gaining around 0.6 percent to trade at HK$153.900.
Bill Winters, Group Chief Executive, said, 'We now expect to deliver an underlying return on tangible equity of around 13 percent in 2025, hitting our target a year earlier than planned. Progress is broad-based, but our sharper strategic focus on servicing our clients' cross-border and affluent banking needs is paying off, with strong double-digit growth in Wealth Solutions and Global Banking, alongside good momentum in our Global Markets flow business.'
Looking ahead for fiscal 2025, the company now expects income growth to be towards the upper end of the 5 percent to 7 percent range at constant currency rates excluding notable items. The company previously expected growth in income to be around the bottom of the guidance range.
The firm upgraded guidance for RoTE, now expected to be around 13 percent in 2025 and to progress thereafter.
Standard Chartered continues to project operating income to increase 5 percent to 7 percent CAGR in 2023-2026 at constant currency rates excluding the reclassification, currently tracking towards the upper end of the range.
In the third quarter, profit before taxation grew 3 percent to $1.77 billion from last year's $1.72 billion.
Profit attributable to ordinary shareholders was $1.03 billion, up 10 percent from $931 million a year ago. Basic earnings per share grew 7.7 percent to 44.5 US cents from 36.8 US cents last year.
Underlying profit before taxation was $1.99 billion, compared to $1.81 billion a year earlier. Underlying basic earnings per share were 52.3 US cents, compared to 39.8 US cents last year.
Operating income for the quarter increased 3 percent to $5.11 billion from $4.95 billion in the prior year. Underlying operating income was $5.15 billion, up 5 percent from $4.90 billion last year.
Underlying net interest income, meanwhile, dropped 1 percent year-over-year to $2.74 billion. Underlying non net interest income was 13 percent higher at $2.41 billion, largely driven by Wealth Solutions and Global Banking.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
