Standard Chartered beats consensus as profit more than triple on trade, markets operations and wealth management push

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Standard Chartered, one of Hong Kong’s three currency-issuing banks, said its profit more than tripled in the third quarter as it benefited from double-digit gains in its financial markets and trade businesses and lower provisions for potential soured loans.

The London-based lender, which generates much of its revenue in Asia, said its credit impairments declined by 70 per cent to US$108 million, reflecting similar trend reported by its banking rivals during the quarter. Standard Chartered took provisions of US$2.3 billion for all of 2020 as the coronavirus pandemic weighed on economic activity.