Shares in Temasek-backed Standard Chartered surged more than 8% as investors welcomed third-quarter results that beat market expectations.
Standard Chartered said on Wednesday (28 October) that third-quarter pre-tax profit rose 29% year on year to US$2.25 billion (S$2.9 billion), exceeding market expectations of US$2.09 billion, driven by record net inflows into its wealth management business and strong trading activity.
The wealth management business attracted a record US$20 billion in new money, while active client trading in foreign exchange, commodities and credit markets helped lift trading income by 21%.
The bank also raised its operating income growth forecast beyond its previous range of 5% to 7%. It now expects a return on tangible equity of 14% this year, up from its earlier forecast of 12%.
The strong results fuelled investor demand for Standard Chartered shares on Wednesday. As of 3.45pm, its Hong Kong-listed shares had surged more than 8% to HK$221.20.
Chief Executive Officer Bill Winters said: “The consistency and breadth of our performance reflects the strength of our franchise and disciplined execution across the group. This gives us confidence to raise our 2026 income guidance.”
The bank expects net interest income to grow by about 4% year on year this year, above the guidance given in the previous quarter. Like HSBC Holdings, Standard Chartered is also expanding its wealth management business to attract more funds from Asia’s wealthy.
Standard Chartered is headquartered in London, UK, and listed on the London Stock Exchange and the Stock Exchange of Hong Kong. Temasek Holdings is one of its major shareholders, with an indirect stake of about 18.01% in Standard Chartered Group.
