SINGAPORE (Reuters) – Standard Chartered posted a 40% increase in quarterly profit, as the emerging markets-focused bank benefited from a sharp rise in net interest income on higher interest rates.
The lender, which earns most of its revenue in Asia, said statutory pre-tax profit rose to $1.39 billion in the three months to Sept. 30 from $996 million a year earlier and versus the $1.05 billion average estimate of 14 analysts, as compiled by the bank.
StanChart’s statutory credit impairment charges more than doubled to $227 million from a year earlier, reflecting weakness in key economies.
StanChart, present in 59 markets with 85,000 staff, mainly relies on capturing trade flows between its key markets of Asia, Africa and the Middle East but it lacks the heft of larger rivals in commercial banking and investment banking.
(Reporting by Anshuman Daga and Lawrence White; Editing by Ana Nicolaci da Costa)
