In October I would spend 5,000. pounds on either of these two cheap growth stocks!

I think these UK growth shares could deliver exceptional earnings growth in 2024 and beyond. What’s more, I think these are great deals at current prices.

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

Standard chartered

For many FTSE100 it is not seen as an obvious place to hunt growing herds. The idea is that London’s premier share index is filled with stable companies, rather than exciting earnings companies.

This is wrong. Let’s take a banking giant Standard chartered (LSE:STATE) as an example. City analysts expect profits to continue rising after last year’s result. Increases of 82% and 41% are forecast for 2024 and 2025, respectively.

The bank, which draws most of its revenue from emerging markets in Africa and Asia, is growing despite difficult conditions in the key territory of China. Operating income rose 7% in the first half, while pre-tax profit rose 5% to $3.5 billion.

It also has significant potential to generate long-term profits through a combination of rapid population and income growth in remote regions. Analysts at Statista estimate that net interest income in Asia, for example, will grow at an annualized rate of 5.8% through 2029.

The problems in China, and in particular the persistent tensions in the real estate market, remain a risk going forward. However, I would argue that this threat is baked into StanChart’s rock-bottom valuation.

It currently trades at a forward price-to-earnings (P/E) ratio of 6.5 times. This makes it cheaper than FTSE 100 equivalents Lloyds, HSBC, Barclays AND NatWest.

I think Standard Chartered is an attractive way to gain exposure to the banking sector.

International Babcock

Shares across the defense sector have fallen in recent weeks. They fell amid growing claims that the sector’s valuations are now too high.

The number of defense contractors has increased following Russia’s invasion of Ukraine in 2022 and amid growing conflicts in the Middle East. But International Babcock‘s (LSE:BAB) a FTSE250 I have long argued that it offers excellent value for money.

This situation continues after a double-digit decline in the company’s share prices since mid-June. Babcock shares are trading at a price-to-earnings growth (PEG) ratio of 0.3, well below the benchmark of 1, which indicates the stock is undervalued.

I think this decline represents an attractive dip-buy opportunity. Babcock, which provides engineering services to the defense and civilian markets, is successfully benefiting from rising arms spending. The company’s contract book grew by £800m in the 12 months to March, to £10.3bn.

NATO countries are increasingly committed to spending 2% of their GDP on defense, which bodes well for procurement. While supply chain issues remain a threat, the outlook for such weapons manufacturers remains very encouraging.

City analysts expect Babcock’s earnings to grow 41% this year and another 13% in 2025. At today’s price, I think it’s another high growth stock worth considering.