Significantly lower credit impairments coupled with positive business momentum led to a surge in Standard Chartered’s pre-tax profits for the third quarter.
Standard Chartered posted $1.075 billion in pre-tax profits for the third quarter, according to its latest results, marking a 44 percent year-on-year increase.
Not unlike its regional peers throughout the year, the reduction of credit impairments – 70 percent to $107 million compared to $353 million in the same period last year – was a significant contributor to the improved bottom line.
In addition to an improved balance sheet, the broader business experienced positive momentum with net interest income up 7 percent to $1.735 billion and other income also up 7 percent to $2.03 billion.
We delivered a return to top-line growth in the third quarter and achieved further progress against our strategic priorities, with a strong performance in our Financial Markets and Trade businesses and ongoing positive momentum in Wealth Management, said Standard Chartered chief executive Bill Winters.