Standard Chartered PLC has recorded a 25 percent increase in profit as at last month.
The Banks says the achievement is as a result of broad-based income growth and ongoing risk discipline.
Commenting on the performance, Group Chief Executive Bill Winters said the results for the first nine months of the year reflect the bank is focused on significantly improving profitability, balance sheet quality, conduct and financial returns.
The Bank’s underlying profit before tax of $3.4bn was up $0.7bn or 25% reflecting focus on improving returns.
Statutory profit before tax also reached $3.4bn included restructuring and other items of $17m.
Income from Africa & Middle East was down 5 per cent and down 3 per cent respectively on a constant currency basis with better performances in Transaction Banking and Wealth Management.
Macroeconomic and geopolitical headwinds continued to impact performance in the third quarter particularly in the UAE.
Europe & Americas income was up 6 per cent, benefiting from higher Cash Management income that offset lower income from Financial Markets.
Income from Central & other items was 5 per cent higher driven by better yields in Treasury Capital.
Source: Africafeeds.com
