Standard Chartered PLC (HKEx: 02888) reported second-quarter pretax profit, excluding exceptional items, that surpassed market expectations by 12%, according to a research report from UBS.

The outperformance was primarily driven by a 43% year-on-year surge in its wealth solutions business, with additional contributions from transaction banking and global markets operations.

Non-net interest income came in 7% above consensus, while net interest income beat forecasts by 1%. Overall revenue exceeded market estimates by 4%.

Credit impairment charges for the period stood at $150 million, which was 37% lower than what the market had anticipated.

UBS has maintained its "neutral" rating on the bank, with an H-share target price of 228.5 Hong Kong dollars.