By Selena Li and Lawrence White
HONG KONG/LONDON, Oct 28 (Reuters) – Standard Chartered (StanChart) said on Wednesday that third-quarter pretax profit jumped 27%, as strong client activity amid volatile markets increased revenue for its wealth and global markets divisions.
It lifted its full-year income growth target for 2026 to above 7% from its earlier estimate of in the middle of a 5-7% range. And it also boosted its return on tangible equity target, a key performance gauge, to above 14% from an earlier forecast of exceeding 12%.
StanChart, which earns most of its revenue in Asia and Africa, said pretax profit for the July-September quarter reached $2.25 billion.
That compares with $1.77 billion in the same period a year earlier and the $1.99 billion average of 16 analyst estimates compiled by the bank.
Its wealth division delivered a third consecutive record quarter, with income up 26%, supported by broad-based momentum across products and geographies, the bank said.
(Reporting by Selena Li in Hong Kong and Lawrence White in London; Editing by Edwina Gibbs)
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