Standard Chartered Profit Rose 44% in Third Quarter
November 02 2021 - 12:11AM
Dow Jones News
By Clarence Leong
Standard Chartered PLC's underlying pretax profit rose 44% to
$1.075 billion for the third quarter, continuing on a recovery path
as its operating income returned to growth and credit impairments
eased further.
The bank's operating income rose 7.0% from a year earlier to
$3.765 billion, as strong business momentum more than offset a
lower net interest margin.
Credit impairment was $107 million for the quarter, down $246
million thanks to an improving economic backdrop, it said Tuesday,
though its net interest margin fell 7 basis points on a normalized
basis.
The bank said that it expects credit impairment to remain low in
the fourth quarter, and that its income for 2021 will be similar to
last year's on a constant currency basis. From next year, the bank
says income growth should return to the 5%-7% guidance range.
Another Asia-focused bank, HSBC Holdings PLC, said last week
that its third-quarter net profit more than doubled from a year
earlier.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
November 02, 2021 00:56 ET (04:56 GMT)
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