Galaxy S24 FE

News

Standard Chartered Reports Q3 2024 Results with 41% Profit Surge

Standard Chartered bank kenya

Standard Chartered has announced their Q3 2024 results, highlighting a strong performance that reflects the success of their strategic focus on cross-border corporate, investment banking, and leading wealth management for affluent clients. The Group’s Return on Tangible Equity (RoTE) reached 10.8%, marking a 4% increase year-on-year, while income rose by 12% and profit before tax surged 41%, largely driven by a record quarter in Wealth Solutions and sustained double-digit growth in Global Markets. 

S24 FE

Standard Chartered Group Results Key Highlights:

  • Solid Financial Growth: 10.8% Return on Tangible Equity (RoTE), in Q3. A 4% year-on-year increase. Income rose by 12%, while profit before tax soared by 41%, spurred by a record-breaking quarter in Wealth Solutions and double-digit growth in Global Markets.
  • Enhanced RoTE and Capital Returns: 2026 RoTE target increased from 12% to nearly 13% and increasing shareholder distribution goal from at least $5bn for the period of 2024-2026
  • Future-Driven Initiatives: Doubling investment in wealth management and strengthening focus on cross-border corporate and institutional clients
  • Strategic Refinements in Mass Retail and CIB: Pivoting mass retail strategy to target affluent and international banking clients, with a review of single-product lending portfolios. Also exiting smaller clients whose needs don’t align with Standard Chartered’s core strengths.

Bill Winters, Standard Chartered Group Chief Executive said, “We have delivered a strong performance in the third quarter with profit tax up 41%, driven by a record quarter in Wealth Solutions and strong growth in our Global Markets business.

We are doubling investment in our consistently fast-growing and high-returning wealth management business, and we will continue to reshape our mass retail business to focus on developing our pipeline of future affluent and international banking clients. In our CIB business, we are taking actions to focus on larger global clients who rely on our unique cross-border capabilities.

These actions will further simplify our business and help us to generate higher quality growth and improve our RoTE over medium term. We are increasing both our 2026 RoTE target from 12% to approaching 13% and our shareholder distribution target from at least $5bn to at least $8bn from 2024 to 2026.

Also Read: Absa Bank Kenya Records Kshs 10.7 Billion Profit After tax in H1 2024

About author

Editor at TechArena. I cover all things technology and review new gadgets as I get them. You can reach me on email: [email protected]
Related posts
Cloud ComputingNews

SEACOM, Forefront and Cloudflare Partner to Enhance Cybersecurity Resilience Across Africa

News

[Richard Teng] One Year of Leading Binance in a New Era of Crypto

News

NCBA Partners with Xpress Money to Facilitate Global Remittances for Diaspora Customers

News

Liquid C2 Becomes Cloudflare’s First Distributor in Africa

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.