Standard Chartered Q3 Profit Climbs, Lifts FY22 Income Growth View, Backs FY24 Forecast; Stock Up

British bank Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) reported Wednesday that its third-quarter profit before taxation climbed 40 percent to $1.39 billion from last year's $996 million.

Profit attributable to ordinary shareholders grew 50 percent to $964 million from $644 million a year ago.

Underlying profit before tax for the quarter was $1.42 billion, compared to $1.08 billion a year ago. Underlying attributable profit was $976 million, compared to prior year's $716 million.

Operating income grew 15 percent to $4.33 billion from $3.76 billion a year ago. Underlying operating income was $4.32 billion, up 15 percent from last year. Income went up 22 percent at constant currency rates, on a normalised basis.

Net interest income grew 24 percent at constant currency on a normalised basis.

Looking ahead for full year 2022, income ex-DVA at constant currency is now expected to grow around 13 percent, in-line with the year-to-date growth. The company previously expected income ex-DVA growth of around 10 percent at constant currency.

Full-year average net interest margin is expected to be around 140bps.

Further, the company now expects greater net interest margin progression to average around 165bps in 2023.

Standard Chartered added that it remains on-track to deliver 10 percent RoTE target in 2024, if not earlier.

In Hong Kong, Standard Chartered shares were gaining around 3.5 percent to trade at HK$50.60.

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