Standard Chartered raises income guidance after exceeding third-quarter profit expectations.

• On Wednesday, Standard Chartered upgraded its 2024 income guidance after posting profits in the third quarter that surpassed expectations, thanks to exceptional performance in its wealth management division.
• The lender, whose revenue mainly comes from Asia, experienced a 37% increase in pre-tax profit from the $1.32 billion recorded the previous year.
• On Wednesday, the London-based bank revised its 2024 income forecast, predicting an increase in operating income towards 10%.

On Wednesday, Standard Chartered upgraded its 2024 income guidance after posting profits in the third quarter that surpassed expectations, thanks to exceptional performance in its wealth management business.

LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate, shows how Standard Chartered's results for the quarter compare.

• Pre-tax profit: $1.81 billion vs. $1.59 billion
• Net interest income: $2.6 billion vs. $2.57 billion

The lender, whose revenue mainly comes from Asia, experienced a 37% increase in pre-tax profit from the $1.32 billion recorded the previous year.

The net interest margin increased to 1.95%, from 1.63% the previous year.

The bank is "increasing investment" in its "high-performing" wealth management division, and will continue to focus on affluent and international clients in its mass retail business, as stated by StanChart CEO Bill Winters.

In July, Standard Chartered announced its largest-ever share buyback of $1.5 billion. However, it did not reveal any additional buyback in its recent release.

HSBC, an Asia-focused rival bank, announced a $3 billion share buyback after posting third-quarter earnings that surpassed analyst estimates due to strong revenue growth.

Although efficiency savings helped to offset some costs, Standard Chartered's operating expenses increased by 3% to $2.9 billion due to inflation and business expansion efforts.

The investment bank has been implementing a cost-cutting initiative called "Fit For Growth" at pace, which is expected to save approximately $1.5 billion of expenses over the next three years. The bank has identified over 200 projects where savings can be made.

On Wednesday, the London-based bank revised its 2024 income guidance and predicted that its operating income would increase towards 10%. In July, the bank had upgraded its operating income projection from 5% to 7%.

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