Standard Chartered lifts FY outlook as earnings beat estimates
By Frank Prenesti
Date: Wednesday 26 Oct 2022
(Sharecast News) - Emerging market-focused bank Standard Chartered on Wednesday posted an estimate-beating 40% increase in third-quarter profit and lifted its annual outlook.
Pre-tax profit rose to $1.39bn in the three months to September 30 from $996m a year earlier and against the company-compiled average estimate from analysts of $1.05bn.
The improved performance and rising revenues from interest rates helped StanChart to lift its outlook for the year. It expects income to grow 13% instead of a previously forecast 10%.
Credit impairment charges more than doubled to $227m from a year earlier, reflecting weakness in key economies, including $130m for exposure to China commercial real estates, among others.
Operating income rose 15% to $4.3bn and net interest income increased by 11% to $1.9bn.
Net interest margin, a key measure which highlights differences between lending and savings rates, rose to 1.43% from 1.23%. It increased eight basis points from 1.35% in the second quarter.
Reporting by Frank Prenesti for Sharecast.com
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