Core Viewpoint - Standard Chartered Group (02888) delivered a strong Q3 performance, with pre-tax profit exceeding market consensus by 14% (approximately $243 million), driven by revenue growth and a decrease in impairment provisions [1] Revenue Performance - Both net interest income and non-interest income surpassed expectations, with wealth management and banking services performing better than anticipated, while global markets business fell short [1] Valuation and Rating - Despite the strong performance, the valuation appears not cheap at approximately 1.1 times the projected 2026 price-to-book ratio, corresponding to about a 13% return on equity, which drops to around 11% to 12% when restructuring costs are included; the rating is "underperform" [1]
美银证券：渣打集团(02888)第三季各业务线表现良好