Standard Chartered upgrades outlook as wealth management business outperforms

Standard Chartered's wealth am boomed in the third quarter.

Banking giant Standard Chartered has upgraded its income target for the full-year after its booming wealth business powered profit higher.

The FTSE 100 lender posted a pre-tax profit of $1.8bn (£1.36bn) in the three months to September , ahead of the $1.5bn pencilled in by analysts.

Non-interest income jumped 12 per cent to $24bn, buoyed by a 27 per cent rise in wealth revenue to $890m. The segment now represents 17 per cent of the group’s overall revenue.

Total operating income came in at $5.1bn – a five per cent rise from the same period last year.

“Progress is broad-based, but our sharper strategic focus on servicing our clients’ cross-border and affluent banking needs is paying off, with strong double-digit growth in