Standard Chartered third-quarter profit more than doubles

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Banking group Standard Chartered said its third-quarter profit more than doubled, as income rose and credit impairments fell.

Pre-tax profit for the three months through September jumped to $996 million, up from $435 million year-on-year.

Operating income rose 7% to $3.77 billion and credit impairments dropped 70% to $107 million.

Standard Chartered said it continued to expect full-year income to be similar year-on-year, on a constant currency basis.

'Strong underlying business momentum throughout 2021 should enable income growth to return to our 5-7% guidance range from the 2022 financial year,' it added.

The bank said an economic recovery from the pandemic had continued to be uneven and punctuated by supply-chain disruption.

'However, we are encouraged by robust levels of export growth across many of our markets in Asia,' it said.

Chief executive Bill Winters said Standard Chartered returned to top-line growth in the third quarter and achieved further progress against its strategic priorities.

He highlighted a 'strong' performance in the company's financial markets and trade businesses, with 'ongoing positive momentum' in wealth management.