Standard Chartered has posted statutory profit before tax of $774m for the third quarter of 2017, a massive surge of 144% over $317m reported a year ago.

For the quarter ended 30 September 2017 , the group’s underlying profit before tax was $814m, a jump of 78% compared with $458m in the corresponding year ago quarter.

Operating income rose 4% to $3.59bn from $3.46bn in the third quarter of 2016. Operating expenses rose 4% to $2.48bn from $2.38bn a year ago. Regulatory costs jumped 21% year-on-year to $336m.

Income from retail banking division during the third quarter of 2017 was $1.25bn, an increase of 6% compared with $1.18bn in the corresponding quarter of 2016.

Standard Chartered group CEO Bill Winters said: “We  have  doubled  profits  compared  to  the  same  period  last  year  as  we  continue  to  make  progress  in  realising  the potential  of  the  Group.  We  are  transitioning  our  businesses  to  deliver  higher  quality  income  to  improve  sustainable returns. This process and the continued investments to support it are reflected in the results and will deliver greater long- term value to our shareholders.”

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