Emerging markets-focused StanChart surprises with 40% profit jump, ups income goal
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Standard Chartered's third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income and gave it ammunition to upgrade its revenue outlook despite a weakening global economy.
StanChart raised its income growth forecast for this year to 13% from 10% previously and CEO Bill Winters said the bank was confident of delivering its 2024 financial targets, sending its Hong Kong-listed shares 5% higher in a firm market.
"Our performance this year has been strong, and the pace of economic recovery in many of our footprint markets is encouraging, notwithstanding increasing recessionary pressures in certain Western markets," Winters said.
The results came a day after larger peer HSBC reported a 42% drop in quarterly profit on Tuesday -- due to loan losses and charges from the sale of its French business -- and surprisingly named a new CFO, souring investor confidence.
