Standard Chartered Hong Kong posts 91% profit rise in third quarter
Standard Chartered Hong Kong was the biggest profit contributor for the group in the third quarter, with pre-tax profit surging 91 per cent year-on-year to $944m. Group pre-tax profit rose 29 per cent year-on-year to $2.25bn.
Standard Chartered reported a pre-tax profit of $2.25bn for the third quarter, up 29 per cent year-on-year at constant exchange rates but down about 4 per cent quarter-on-quarter. For the first nine months, pre-tax profit stood at $7.034bn, a 15 per cent increase year-on-year.
Standard Chartered Hong Kong remained the largest profit contributor to the group. Its third-quarter pre-tax profit reached $944m, surging 91 per cent from a year earlier and rising more than 23 per cent quarter-on-quarter. Operating income grew 25 per cent year-on-year and nearly 3 per cent quarter-on-quarter to $1.526bn.
The Hong Kong unit recorded a credit impairment write-back of $39m in the third quarter, compared with credit impairments of about $69m in the same period last year and $54m in the second quarter.
Standard Chartered China posted a pre-tax profit of $70m in the third quarter, down more than 5 per cent year-on-year but up more than 9 per cent quarter-on-quarter. Its credit impairment stood at about $1m, decreasing approximately 93 per cent year-on-year and 50 per cent quarter-on-quarter.