Standard Chartered PLC (LSE:STAN) shares climbed to their highest in over a decade as the Asia-focused lender lifted its full-year outlook after third-quarter results beat City forecasts.
Operating income of $5.1 billion was generated in the three months to September, up 5% compared to last year, as a 1% fall in net interest income to $2.7 billion with 27% growth in wealth and 23% in global banks to lift non-interest income 12% to $2.4 billion.
Profit before tax came in at just below $2 billion, up 10%, beating the average analyst forecast of $1.7 billion.
Credit impairment charges of $195 million were taken, plus restructuring and other charges of $219 million.
Return on tangible equity was 13.4%, up 260 basis points, while capital levels were strong, with a CET1 ratio of 14.2%, down 18bps quarter-on-quarter or up 32bps excluding the impact of share buybacks.
Management upgraded guidance for RoTE and income growth.
RoTE is now expected to be around 13% in 2025, "and to progress thereafter", while underlying income growth is now expected to be towards the upper end of the 5-7% range, previously guided to around the bottom of the range.
Analysts at Jefferies said the 23% earnings beat had "strength in every key line", with a "standout performance" for Wealth and Global Banking.
The shares climbed over 4% to 1,580p in early trading, up around 57% since the start of this year and their highest since 2013.