Core Insights - Standard Chartered's third-quarter net profit increased by 10% due to strong growth in cross-border trade loans and wealth management, allowing the bank to outperform analysts' expectations [1][2] Financial Performance - Net profit for the quarter ending in September reached US$1.03 billion, or 44.5 US cents per share, exceeding analysts' expectations of US$984 million [2] - Pre-tax profit rose by 3% to US$1.77 billion, also surpassing consensus estimates [2] Strategic Focus - The bank anticipates achieving an underlying return on tangible equity of around 13% by 2025, a year ahead of schedule, driven by a strategic focus on cross-border and affluent banking needs [4] - There was strong double-digit growth in wealth solutions and global banking, alongside positive momentum in the global markets flow business [4] Credit Impairments - The bank recorded US$195 million in credit impairments for the third quarter, which is a 10% increase compared to the previous year [5] - A US$25 million provision was made specifically for the Hong Kong commercial real estate sector to address liquidity and repayment capacity pressures [6] - The bank retained US$60 million in overlay for Hong Kong commercial real estate clients [6] Mainland China Exposure - Provisions for mainland China's commercial real estate decreased by US$9 million during the quarter due to client repayments, with the bank holding US$49 million in provisions for this sector [7]
Standard Chartered's profit rises, beats estimates on trade loans, wealth management