Published on November 1, 2024 by Agencies for Kenya Online News
Last Updated on 1 year by Agencies for Kenya Online News
Standard Chartered Group PLC has today announced their Q3 2024 results, highlighting a strong performance that reflects the success of their strategic focus on cross-border corporate, investment banking, and leading wealth management for affluent clients. The Group’s Return on Tangible Equity (RoTE) reached 10.8%, marking a 4% increase year-on-year, while income rose by 12% and profit before tax surged 41%, largely driven by a record quarter in Wealth Solutions and sustained double-digit growth in Global Markets.
Key Highlights:
- Solid Financial Growth: 10.8% Return on Tangible Equity (RoTE), in Q3. A 4% year-on-year increase. Income rose by 12%, while profit before tax soared by 41%, spurred by a record-breaking quarter in Wealth Solutions and double-digit growth in Global Markets.
- Enhanced RoTE and Capital Returns: 2026 RoTE target increased from 12% to nearly 13% and increasing shareholder distribution goal from at least $5bn for the period of 2024-2026
- Future-Driven Initiatives: Doubling investment in wealth management and strengthening focus on cross-border corporate and institutional clients
- Strategic Refinements in Mass Retail and CIB: Pivoting mass retail strategy to target affluent and international banking clients, with a review of single-product lending portfolios. Also exiting smaller clients whose needs don’t align with Standard Chartered’s core strengths.
Bill Winters, Group Chief Executive said:“We have delivered a strong performance in the third quarter with profit tax up 41%, driven by a record quarter in Wealth Solutions and strong growth in our Global Markets business.
We are doubling investment in our consistently fast-growing and high-returning wealth management business, and we will continue to reshape our mass retail business to focus on developing our pipeline of future affluent and international banking clients. In our CIB business, we are taking actions to focus on larger global clients who rely on our unique cross-border capabilities.
These actions will further simplify our business and help us to generate higher quality growth and improve our RoTE over medium term. We are increasing both our 2026 RoTE target from 12% to approaching 13% and our shareholder distribution target from at least $5bn to at least $8bn from 2024 to 2026.
The full results can be found here.
