Standard Chartered Q3 profits jump on wealth division

(Sharecast News) - Standard Chartered on Thursday said it expected income to be towards the upper end of its 5 - 7% growth range after reporting a rise in third quarter earnings driven by its wealth division. Pre-tax profit grew 3% to $1.77bn. CEO Bill Withers said the Asia-focused lender now expected to hit its 13% target for underlying return on tangible equity in 2025 - a year earlier than planned.

Operating income rose 5% to $5.1bn driven by double-digit growth in both wealth solutions and global banking.

Net interest income - the difference between money earned on loans and that paid out on savings - fell 1%, as the benefit from higher volumes and improved mix was offset by the impact of lower interest rates and margin compression.

Reporting by Frank Prenesti for Sharecast.com