StanChart's Biggest Advantage? It Isn't HSBC
The bank has escaped the scrutiny of its heftier rival at a testing time for their most important market, Hong Kong.
Standard Chartered Plc Chief Executive Officer Bill Winters celebrates his fifth anniversary in the job this month. The overhang of a pandemic that remains far from over will ensure a muted celebration. First-half results that handily beat estimates may at least merit a small glass of champagne.
The London-based bank reported adjusted profit of $1.96 billion, compared with analysts’ forecast of $1.53 billion, after setting aside less money than expected for soured loans. Like its Wall Street rivals, StanChart got a boost from buoyant trading in bonds, stocks and currencies as markets rebounded in the second quarter. Operating income at its financial markets division surged 16% in the three months through June from a year earlier, taking over from the transaction banking unit that houses trade finance and cash management operations as the top profit contributor.