Standard Chartered Quarterly Net Profit Jumps, Raises Income Guidance
By Kosaku Narioka
Standard Chartered reported higher third-quarter net profit, driven by strength in areas such as transaction services, markets and wealth offerings.
The London-based bank said Wednesday that net profit rose 46% from a year earlier to $1.50 billion for the three months ended September. That beat the estimate of $1.23 billion in a poll of analysts by data provider Visible Alpha.
Standard Chartered, which generates much of its profit in Asia, said pretax profit climbed for both its corporate and investment banking business and its wealth and retail banking.
"We have long believed that the structural shifts in trade, investment and wealth creation would create significant opportunities," Chief Executive Bill Winters said. "Our performance this quarter provides further evidence that we are capturing them."
The bank raised its income guidance for 2026, projecting operating income growth above 5%-7% at constant currency terms, excluding notable items. It previously forecast growth around the middle of the range.
Under Winters, StanChart has focused on handling cross-border transactions and banking affluent customers in Asia and the Middle East. The bank has been investing in wealth and digital offerings, client centers and marketing to strengthen its business of serving affluent and international clients.
Winters in May unveiled financial targets, including a plan to cut support staff by more than 15% by 2030. That same month, the bank named Manus Costello as group chief financial officer, following the abrupt departure in February of Diego De Giorgi, who had been considered a front-runner to succeed the bank's longtime chief executive.
On Tuesday, rival HSBC Holdings reported slower-than-expected quarterly profit growth amid weakness in its business of catering to affluent clients, and announced a new share buyback of up to $1 billion.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
October 28, 2026 01:01 ET (05:01 GMT)
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