Global banking giant Standard Chartered recently announced its Q3 report in which it stated that its profit for the third quarter of 2019 was 16% higher than its Q3 2018 earnings. While the company made progress in the last quarter, the report also talked about the falling growth rate in the global market. The poor performance of financial firms over the last few months is no longer news. However, Standard Chartered is among the few firms that have recorded profits during this trying time.
Standard Chartered Q3 2019 Report Summary.
According to the report, the company’s operating income for institutional banking grew by 13% compared to the third quarter of 2018. The operating income for its retail banking increased by 4% while the operating income from its private banking sector increased by 14%. The pre-tax profit recorded by the bank in the third quarter was about $1.24 billion which is much higher than the $1.07 billion that was reported last year. The company’s net profit also increased from $752 million to $772 million.
The progress reported by Standard Chartered is even more impressive when you consider the fact that its rival bank, HSBC reported an 18% drop in its pre-tax profit. This was a major drawback irrespective of the increasing strength from Asian institutions banking with HSBC.
The CEO is Standard Chartered Bill Winters had this to say about the report; “Our strategy over the last few years has been progressive. We have created a more resilient and stronger business as can be seen in the 16% rise in pre-tax profit in Q3 this year. We will continue to execute this strategy and face as they come.”
According to Winters, North Asia and Greater China were responsible for a 2% surge in the company’s year-to-date profit. It’s income from China and Hong Kong also grew during this period.