Standard Chartered has reported a net profit of $767m for the third quarter of 2021 (Q3 2021), an increase of 376% compared to $161m in the same quarter of the previous year.
In the previous quarter, that is Q2 2021, Standard Chartered had announced a net profit of $829m.
For the quarter ended 30 September 2021, the UK-based banking group registered underlying earnings per share of 23.1c, an increase of 70% compared to 13.6c in Q3 2020.
Standard Chartered’s underlying operating income for Q3 2021 was $3.76bn, a 7% increase compared to $3.52bn made in the same quarter of 2020. In the second quarter of this year, its operating income was $3.69bn.
The banking group said that the effect of the lower underlying net interest margin in Q3 2021 was more than neutralised by growth in the balance sheet and robust performances in financial markets and trade.
Credit impairment for the bank during the reported quarter was $107m, compared to $353m during Q3 2020, which is a 70% decline.
Standard Chartered’s transaction banking unit reported an operating income of $645m in Q3 2021, a 3% decrease compared to $665m in the same quarter of last year.
Its financial markets business had an 11% increase to its operating income in Q3 2021 at $1.31bn compared to $1.18bn in Q3 2020. The wealth management unit reported an operating income of $559m, compared to $572m in the corresponding quarter of the previous year.
The retail products business of Standard Chartered had a 4% drop year-over-year (YoY) in its operating income for Q3 2021 at $828m. On the other hand, the mortgage and auto unit delivered an operating income of $260m in the reported quarter, a 23% YoY increase.
Standard Chartered group chief executive Bill Winters said: “We delivered a return to top-line growth in the third quarter and achieved further progress against our strategic priorities, with strong performance in our Financial Markets and Trade businesses and ongoing positive momentum in Wealth Management.
“We continue to transform how we serve our customers in the world’s most dynamic markets through innovation, partnerships and new ventures.”
