The Strategist

Standard Chartered bank profits more than double

11/03/2021 - 02:43

Standard Chartered made $996 million in profit before taxes in the third quarter.

Meikowkmeomi Othumddroa
Meikowkmeomi Othumddroa
It was a 129 percent increase over last year's $435 million profit and better than experts' expectations of $942 million profit. The company's earnings per share increased from 3.9 to 20.7 cents.

The bank's revenues increased by 7% to $3.8 billion in the third quarter, with trade servicing revenues up 13% to $300 million, the strongest performance since the fourth quarter of 2018.

Default loan write-offs dropped significantly in the last quarter, from $353 million to $107 million.

In addition, the bank stated that it had $4.2 billion in assets tied to China's ailing real estate sector. The bank stated that it will continue to keep an eye on the circumstances surrounding Evergrande and other developers, as well as possible concerns.