The bank's success in this quarter was largely attributed to its Wealth Solutions and Global Markets business units.

Operating expenses rose by 3% to $2.9 billion, influenced by inflation and expansion efforts, although some costs were mitigated by efficiency savings.

The bank's underlying earnings per share also saw a substantial increase, climbing to 39.8 cents from 23.2 cents last year.

The bank has also revised its operating income guidance for 2025 and 2026, now expecting a compound annual growth rate (CAGR) of 5-7%, with growth in 2025 anticipated to fall below this range.

Standard Chartered has reported a significant increase in its underlying profit before tax for the third quarter, reaching $1.81 billion, a 37% rise from $1.32 billion a year ago.

In a move to enhance shareholder returns, Standard Chartered plans to return at least $8 billion to shareholders from 2024 to 2026, an increase from its previous commitment of at least $5 billion.

Following this impressive performance, Standard Chartered upgraded its income guidance for 2024, anticipating a 10% increase in operating income at constant currency, up from a previous estimate of over 7%.

The strong results were primarily driven by robust performance in the wealth management sector, alongside a 9% year-on-year increase in underlying net interest income, which reached $2.61 billion.

Additionally, the bank has raised its return on tangible equity (RoTE) target for 2026 to approximately 13%, up from the earlier target of 12%.

To support its growth strategy, Standard Chartered is implementing a cost-cutting initiative called 'Fit For Growth', aiming to save around $1.5 billion over the next three years.

For 2024, Standard Chartered projects its net interest income to remain between $10 billion and $10.25 billion at constant currency.

Despite announcing a $1.5 billion share buyback in July, the bank did not declare any additional buyback in its latest earnings release.