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Standard Chartered Q3 Profit Surges; Backs FY21 Income View - Quick Facts

British bank Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) reported Tuesday that its third-quarter profit before tax surged 129 percent to $996 million from last year's $435 million.

Profit attributable to ordinary shareholders was $644 million, significantly higher than $123 million a year ago. Earnings per share grew to 20.7 US cents from 3.9 US cents last year.

Underlying profit before taxation was $1.08 billion, compared to $745 million a year ago. Underlying earnings per share were 23.1 US cents, compared to prior year's 13.6 US cents.

Operating income for the quarter grew 7 percent to $3.76 billion from prior year's $3.51 billion. Income increased 5 percent at constant currency and excluding normalisation adjustments.

Looking ahead for fiscal 2021, the company continues to expect income to be flat with last year on a constant currency basis, with fourth quarter being sequentially lower, reflecting seasonality comparable to prior years, and normalising for the IFRS9 interest income adjustment.

The company projects that strong underlying business momentum throughout 2021 should enable income growth to return to 5-7 percent guidance range from FY'22.

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