StanChart third-quarter profit more than doubles, beats estimates

Standard Chartered (StanChart) reported a 172% jump in third-quarter pretax profit on Wednesday, ahead of analysts’ estimates, as slower-than-expected rate cuts continue to bolster the emerging-market focused lender’s revenue. StanChart, which earns most of its revenue in Asia, said pretax profit for the third quarter reached $1.72 billion, above the $1.49 billion average of 17 analyst estimates compiled by the bank. The profit compared with $633 million a year earlier, when StanChart took a nearly $1 billion combined hit from its exposure to China’s real estate and banking sectors.Read More