Asian focused bank Standard Chartered PLC (STAN.LN) reported Wednesday a more than doubled pretax profit for the third quarter of the year after booking lower impairment losses, and said that it continues to make progress in realizing the potential of the group.
Pretax profit for the quarter ended Sept. 30 was $774 million compared with $317 million a year earlier. Operating income for the quarter rose 3.5% to $3.59 billion.
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Income from Greater China & North Asia, the group's largest region, rose 8% in the quarter, reflecting broad-based growth across all markets and client segments, particularly in wealth management, deposits and cash management products, StanChart said.
The bank's common equity tier 1 ratio, a measure of financial stability, fell 15 basis points to 13.6%, compared with the earlier quarter, but is still within the target range, the bank said.
"We are transitioning our businesses to deliver higher quality income to improve sustainable returns. This process and the continued investments to support it are reflected in the results and will deliver greater long-term value to our shareholders", said Chief Executive Bill Winters.
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Standard Chartered reported third-quarter earnings Wednesday. Flashes timed between 0830 GMT and 0832 GMT--"Standard Charetered 3Q Income $3.6B," "Standard Charetered 3Q Pre-Items, Pre-Tax Pft $814M," "Standard Charetered Common Equity Tier 1 Ratio 13.6%," "Standard Charetered Highly Liquid, Remains Well Capitalised" and "Standard Charetered 3Q Operating Profit Before Impairments, Tax $1.11B," misstated the company's name. It's Standard Chartered, not Standard Charetered.
(END) Dow Jones Newswires
November 01, 2017 05:44 ET (09:44 GMT)