StanChart Q3 profit doubles as bad loans shrink, trade finance booms

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SINGAPORE/LONDON :Standard Chartered rode a recovery in pandemic-hit markets to post a stronger-than-expected pre-tax profit for the third quarter on Tuesday, aided by lower credit charges and growth in trade finance.Statutory pretax profit for the bank, which earns most of its revenue in Asia, jumped to US$9

SINGAPORE/LONDON :Standard Chartered rode a recovery in pandemic-hit markets to post a stronger-than-expected pre-tax profit for the third quarter on Tuesday, aided by lower credit charges and growth in trade finance.

Still, StanChart's London-listed shares have underperformed rivals since then, and are up 8per cent this year versus a 18per cent rise for HSBC and 37per cent surge for Barclays.The London-headquartered bank's overall quarterly income rose 7per cent to US$3.8 billion from a year earlier. StanChart reported credit impairment charges of US$107 million in the third quarter versus US$353 million a year earlier and said it expects these to remain at low levels in the fourth quarter.

 

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