Standard Chartered ( (SCBFF) ) has realeased its Q3 earnings. Here is a breakdown of the information Standard Chartered presented to its investors.
Standard Chartered PLC, a leading international banking group, is headquartered in London and operates in Asia, Africa, and the Middle East, offering a wide range of financial services including wealth management, corporate banking, and investment solutions. The company reported a robust third quarter in 2024, with a notable 41% increase in profit before tax, primarily driven by record performance in Wealth Solutions and strong growth in Global Markets.
Key performance metrics for Q3 2024 included an 11% increase in operating income to $4.9 billion and a significant rise in underlying profit before tax to $1.8 billion. Wealth Solutions saw a 32% growth, while Global Markets rose by 16%, reflecting the company’s strategic focus on expanding its product offerings and client base. Operating expenses increased slightly by 3%, largely due to inflation and business expansion efforts.
The company’s financial position remains solid, with a strong balance sheet and liquidity coverage ratio of 143%. Loans and advances to customers grew by 4% to $287 billion, while customer deposits increased by 2% to $478 billion. Standard Chartered’s Common Equity Tier 1 ratio stands at 14.2%, above its target range, demonstrating robust capitalisation despite the impact of a $1.5 billion share buyback.
Looking ahead, Standard Chartered plans to double its investment in wealth management and sharpen its focus on cross-border corporate banking. The company aims to increase its Return on Tangible Equity to 13% by 2026 and plans to return at least $8 billion to shareholders over the next three years. The management remains confident in sustaining double-digit growth in its Wealth Solutions sector, aiming to outperform the market in the medium term.
