London-based Standard Chartered saw its third quarter profits increase due in part due record results from its wealth solutions.
Standard Chartered registered an underlying pre-tax profit of $1.8 billion in the third quarter of 2024, according to the bank’s financial results, up 37 percent year-on-year.
Operating income rose 11 percent to $4.9 billion with a record quarter of wealth solutions which saw income increase 32 percent to $694 million. Global markets also saw strong performance with an income of $840 million, up 17 percent. Operating expenses grew 3 percent to $2.9 billion, driven by inflation and business growth. Credit-related and other impairments totaled $270 million, down 16 percent.
On buybacks, the bank said it was partly through a $1.5 billion program announced on July 30, having spent $603 million purchasing shares by September 30. No new buyback program was announced.
