Standard Chartered PLC Q3 profit up 3% as wealth management income jumps 27%

Standard Chartered reported third-quarter pre-tax profit of US$1.77 billion, up 3% from a year earlier and exceeding consensus estimates of US$1.52 billion. The Asia- and Africa-focused bank said income from wealth and global banking surged, with advisory and capital-markets fees rising 33% and wealth-management income up 27%. The bank now expects income growth for the year at the upper end of its 5-7% target and has indicated it will achieve a return on tangible equity of 13% in 2025—one year ahead of schedule. Shares rose ~1.3% in London trade.