Standard Chartered has posted statutory profit before tax of $774m for the third quarter of 2017, a massive surge of 144% over $317m reported a year ago.
For the quarter ended 30 September 2017 , the group’s underlying profit before tax was $814m, a jump of 78% compared with $458m in the corresponding year ago quarter.
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Operating income rose 4% to $3.59bn from $3.46bn in the third quarter of 2016. Operating expenses rose 4% to $2.48bn from $2.38bn a year ago. Regulatory costs jumped 21% year-on-year to $336m.
Income from retail banking division during the third quarter of 2017 was $1.25bn, an increase of 6% compared with $1.18bn in the corresponding quarter of 2016.
Standard Chartered group CEO Bill Winters said: “We have doubled profits compared to the same period last year as we continue to make progress in realising the potential of the Group. We are transitioning our businesses to deliver higher quality income to improve sustainable returns. This process and the continued investments to support it are reflected in the results and will deliver greater long- term value to our shareholders.”
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