StanChart's Third Quarter Profits Exceed Expectations

Forex - Standard Chartered's quarterly profit more than doubled compared to a year ago, exceeding analyst forecasts. Deteriorations related to China recovered, supporting the income of the lender, which focuses on emerging markets for its asset and market operations. StanChart, which earns most of its revenue in Asia, reported a pre-tax profit of $1.72 billion for the third quarter, surpassing the average estimate of $1.49 billion from 17 analysts surveyed by the bank. This profit was compared to a loss of approximately $1 billion a year ago, when it posted a profit of $633 million due to its exposure to China's real estate and banking sectors. The London-based bank, which overcame the effects of deteriorations related to China last year, did not announce a new share buyback for this quarter, unlike its competitor HSBC. StanChart raised its return on tangible equity forecast from a previous target of 12% for 2026 and beyond to nearly 13% in 2026.