Standard Chartered PLC

Strong Q3 momentum + upgrade to 2026 guidance (core signal for investors) - Q3 income +$5.8bn (+14% YoY); PBT +29% YoY; pre-provision operating profit +22% YoY to $2.4bn. - Noninterest income +$2.8bn (+19% YoY) (~half of group income) and expenses +$3.4bn (+9% YoY) with income growth ahead of costs. - EPS up 27% YTD, supporting confidence in compounding returns. - 2026 guidance upgraded: expect income growth above 5–7% range (constant currency, excluding notable items); RoTE ~14% (up from prior >12% guidance).

NII outlook: improving but pressured by deposit mix/term exits; full-year NII guidance raised - Net interest income (NII) +$3bn Q3 (+9% YoY); +3% QoQ. - Guidance upgrade: full-year NII growth ~4% (Mgmt expects rate benefits offset by term deposit margin compression and continued WRB portfolio exit/headwind). - Q4 not expected to re-accelerate NII materially (implied “flat to slightly down” logic discussed), and 2027 NII not guided yet—to be updated in February.

Credit quality resilient despite geopolitical overlays (but not “risk-free”) - Q3 credit impairment $90m, including $34m net overlays tied to the Middle East conflict. - Overlay update: new $63m scenario increase (broader sectors + higher oil prices) partially offset by $29m releases (e.g., petrochemicals, sovereigns from portfolio moves). - WRB impairment $114m (broadly flat QoQ); loan loss rate YTD ~20 bps (below/early vs through-the-cycle 30–35 bps target basis). - Opportunity: management emphasized portfolio upgrades/repayments offset overlays (notably CIB net recovery $24m).