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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: