I think these UK growth shares could deliver exceptional earnings growth in 2024 and beyond. And what’s more, I think they’re brilliant bargains at current prices.

Here’s why I’d buy them if I had a spare £5,000 sitting in a savings account.

Standard Chartered

For many, the FTSE 100 isn’t seen as an obvious place to go hunting for growth stocks. The idea is that London’s premier share index is packed with steady-as-she-goes companies rather than exciting profit growers.

This is wrong. Take banking giant Standard Chartered (LSE:STAN) as an example. City analysts expect earnings to continue soaring following last year’s blowout result. Rises of 82% and 41% are forecast for 2024 and 2025 respectively.

The bank — which sources most of its income from African and Asian emerging markets — is thriving despite tough conditions in its key Chinese territory. Operating income rose 7% in the first half, while pre-tax profit increased 5% to $3.5bn.

It has significant opportunities to grow long-term profits too, thanks to a blend of rapid population and income growth in its far-flung regions. Analysts at Statista reckon net interest income in Asia, for instance, will grow at an annualised rate of 5.8% through to 2029.

Problems in China remain a threat going forward, and in particular ongoing stress in its real estate market. Yet I’d argue this threat’s baked into StanChart’s rock-bottom valuation.

Today, it trades on a forward price-to-earnings (P/E) ratio of 6.5 times. This makes it cheaper than FTSE 100 peers Lloyds, HSBC, Barclays and NatWest.

I think Standard Chartered’s an attractive way to get exposure to the banking sector.

Babcock International

Shares across the defence sector have slumped in recent weeks. They’ve dropped amid growing claims that the sector valuations are now too high.

Defence contractors have surged following Russia’s invasion of Ukraine in 2022, and amid mounting conflicts in the Middle East. But Babcock International‘s (LSE:BAB) a FTSE 250 share I’ve long argued offers excellent value for money.

This remains the case following its double-digit share price decline since mid-June. Babcock shares trade on a price-to-earnings growth (PEG) ratio of 0.3, way below the benchmark of 1 that implies a stock’s undervalued.

I think this drop represents an attractive dip-buying opportunity. Babcock — which provides engineering services to the defence and civil markets — is effectively capitalising on soaring arms spending. Its contract backlog rose by £800m in the 12 months to March, to £10.3bn.

NATO countries are increasingly committed to spending 2% of their GDP on defence, which bodes well for orders. While supply chain issues remain a threat, the outlook for arms builders like this remains highly encouraging.

City analysts expect earnings at Babcock to rise 41% this year and by another 13% in 2025. I think it’s another great growth stock to consider at today’s price.