Standard Chartered Group PLC has announced robust financial results for Q3 2024, emphasizing the strength of its strategic focus on high-growth, cross-border corporate and investment banking, as well as an enhanced wealth management offering tailored for affluent clients.
Key highlights of the report include a notable 41 percent year-on-year increase in profit before tax and a 12 percent boost in income, attributed to record-breaking performance in Wealth Solutions and sustained double-digit growth in the bank’s Global Markets segment.
The bank’s Return on Tangible Equity (RoTE) reached 10.8 percent for Q3, marking a 4 percent increase from last year. With these achievements, Standard Chartered has raised its 2026 RoTE target from 12 percent to nearly 13 percent and its shareholder distribution target from at least $5 billion to a minimum of $8 billion for the 2024-2026 period.
Bill Winters, Group Chief Executive, highlighted the strong results in both the Wealth Solutions and Global Markets divisions. “We have delivered a strong performance in the third quarter, with profit before tax up 41 percent, driven by a record quarter in Wealth Solutions and strong growth in our Global Markets business,” Winters said.
This focus on high-return areas has positioned Standard Chartered to double its investment in wealth management, which has demonstrated consistent growth and high returns, according to the statement.
The bank is making substantial refinements to its mass retail strategy, pivoting toward affluent and international banking clients. In doing so, it plans to scale down single-product lending portfolios and exit from certain smaller clients whose needs fall outside the Group’s core strengths. This strategic focus aims to align resources with clients who benefit most from Standard Chartered’s cross-border banking expertise.
In the Corporate & Institutional Banking (CIB) division, the Group has outlined actions to prioritize larger global clients, underscoring the bank’s focus on servicing companies that rely on its unique cross-border capabilities.
Looking ahead, Standard Chartered’s 2026 RoTE target has been adjusted from 12 percent to close to 13 percent, as the bank seeks higher-quality growth over the medium term. This increase in the RoTE target, coupled with an upward revision of shareholder distribution from $5 billion to at least $8 billion, underscores management’s confidence in the Group’s strategic direction and growth prospects.
Standard Chartered’s third-quarter performance and future-driven initiatives underline its commitment to bolstering wealth management, refining its client base, and advancing cross-border services for its institutional clients. As Winters noted, “These actions will further simplify our business and help us generate higher-quality growth and improve our RoTE over the medium term.”