What's happened
Standard Chartered has reported a 37% increase in underlying pre-tax profits for Q3 2024, reaching $1.81 billion. The bank has raised its full-year operating income growth forecast to nearly 10% and plans to double investments in its wealth management sector, while also restructuring its retail business.
Why it matters
What the papers say
According to Holly Williams in The Independent, Standard Chartered's profits nearly tripled compared to last year, leading to an upgraded forecast for operating income growth. The bank's CEO, Bill Winters, emphasized the importance of wealth management, stating, 'We are doubling investment in our consistently fast-growing and high-returning wealth management business.' Meanwhile, the South China Morning Post highlighted that the bank's net profit exceeded forecasts, driven by strong performance in wealth solutions and global markets. However, analysts like Matt Britzman from Hargreaves Lansdown caution about the bank's sprawling footprint and the sustainability of growth in challenging markets.
How we got here
Standard Chartered has been focusing on growth in Asia, where it generates most of its revenue. Recent financial results indicate a strong performance, particularly in wealth management, prompting the bank to revise its growth forecasts upward.
More on these topics
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Asia is Earth's largest and most populous continent, located primarily in the Eastern and Northern Hemispheres. It shares the continental landmass of Eurasia with the continent of Europe and the continental landmass of Afro-Eurasia with both Europe and Af
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Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It operates a network of more than 1,200 branches and outlets across more than 70 countries and employs around 87,000 people.
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William Thomas Winters, CBE is an American banker who is the chief executive of Standard Chartered, and was formerly co-head of JPMorgan Chase's investment bank.