Standard Chartered PLC (STAN) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and good afternoon, everyone. Thank you for joining us today. First, I will take you through our third quarter results. After this, I will be joined by Bill, who is dialing in from our Dubai office today, and we will be happy to take your questions. In my remarks, I will be comparing the third quarter underlying performance year on year at constant currency, unless otherwise stated. It has been another strong quarter. we delivered 9% growth in profit before tax on the back of a 5% increase in income. Our growth engines have continued to deliver consistently, with a record quarterly performance in wealth solutions and global banking. As a result, we are upgrading our 2025 income growth guidance to be towards the upper end of the 5-7% range at constant currency, excluding notable items. We had previously guided this to be at the lower end of the range. And more importantly, we now expect to deliver a return on tangible equity of around 13% in 2025. This exceeds our previous guidance of approaching 13% in 2026 and accelerates our delivery by a year. As we set out in the press release this morning, performance has been broad-based and is a testament to our sharper strategic focus on servicing our clients' cross-border and affluent banking needs. Looking now at the numbers for the quarter. The group delivered operating income of $5.1 billion, which was up 5%. This was underpinned by the strong performance in wealth solutions and global banking in the quarter. Operating expenses were up 4% and credit impairment was $195 million. As a result, Profit before tax was up 9% to $2 billion, and our tangible net asset value per share was up 175 cents year on year. Now, let me take you through the performance drivers in details. NII was up 1% on a quarter-on-quarter ba...