StanChart Q3 Profit Doubles

Standard Chartered Plc. reported Wednesday that its third-quarter profit before tax more than doubled to $774 million from $317 million last year, RTTNews reported. Underlying profit before tax was $814 million in the third quarter, up 78% from $458 million a year ago. The company said loan impairment of $348 million was 42% lower year-on-year reflecting improved credit quality. Income of $3.59 billion in the quarter was up 4% from $3.47 billion a year earlier. Expenses grew 4% from last year to $2.5 billion largely as a result of accelerated investments.