Standard Chartered up on strong update
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Financial services group Standard Chartered (LON:STAN) watched its shares rise by 4.26% to 555.40p (as of 12:55 GMT) after it said that underlying pre-tax profits had grown by 25%. Operating income for the first nine months of 2018 was up by 5% at $11.4 billion with net interest income 10% higher than this point of 2017.
Chief executive Bill Winters commented: “The results for the first nine months of the year reflect our focus on significantly improving profitability, balance sheet quality, conduct and financial returns. Income growth year-on-year was slightly lower in the third quarter impacted by Africa and the Middle East and we remain alert to broader geopolitical uncertainties that have affected sentiment in some of our markets. But growth fundamentals remain solid across our markets and we are cautiously optimistic on global economic growth.“
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