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StanChart third-quarter profit more than doubles, beats estimates
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StanChart third-quarter profit more than doubles, beats estimates
Nov 3, 2024 2:38 PM

HONG KONG/LONDON, Oct 30 (Reuters) - Standard Chartered ( SCBFF )

reported a 172% jump in third-quarter

pretax profit on Wednesday, ahead of analysts' estimates, as

slower-than-expected rate cuts continue to bolster the

emerging-market focused lender's revenue.

StanChart, which earns most of its revenue in Asia, said

pretax profit for the third quarter reached $1.72 billion, above

the $1.49 billion average of 17 analyst estimates compiled by

the bank.

The profit compared with $633 million a year earlier, when

StanChart took a nearly $1 billion combined hit from its

exposure to China's real estate and banking sectors.

The London-headquartered lender did not announce a fresh

share buyback for the quarter, unlike rival HSBC ( HSBC ).

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