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Standard Chartered Reports Q3 2024 Results with 41% Profit Surge

Standard Chartered bank kenya

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. 

Standard Chartered Group Results Key Highlights:

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

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