Standard Chartered’s third-quarter profit beats expectations on higher interest rates, markets business
- Pre-tax profit was US$1.4 billion in the third quarter, beating a consensus estimate of US$1.1 billion
- Underlying pre-tax profit jumped 15 per cent in the bank’s Asia business
The emerging markets-focused lender’s net profit rose by 50 per cent to US$964 million from US$644 million in the same quarter of 2021.
The London-based bank, which generates much of its revenue in Asia, reported US$1.4 billion in pre-tax profit, beating the US$1.1 billion expected by analysts.
“We’re well aware of the many challenges we face across our markets, but feel well-prepared for these adverse turns if the may come. We’re assured by the evidence of the strong risk management we’ve demonstrated over the last several years,” Standard Chartered chief executive Bill Winters said on a call with analysts. “Our strategy is working and our momentum should see us through the challenges we face.”
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Hong Kong Monetary Authority chief Eddie Yue on future of city’s economy amid higher interest rates
