Standard Chartered PLC (StanChart) reported on Friday first-half pretax profit rose 20% and announced a new $1 billion share buyback, as rising rates and record financial markets business propelled margins at the emerging markets-focused lender.
FILE PHOTO-The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File Photoreported on Friday first-half pretax profit rose 20% and announced a new $1 billion share buyback, as rising rates and record financial markets business propelled margins at the emerging markets-focused lender.
StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of this year reached $3.32 billion. That compared with $2.77 billion a year earlier and the $3.18 billion average of 16 analyst estimates compiled by the bank.
The bank said income growth outpaced increases in costs, despite inflation pushing up the latter, driving a 3 percentage point improvement to its cost-income ratio to 61% for the first half. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment.
Its financial markets business delivered a record $2.8 billion in income in the first half, a 4% increase from an already strong period a year ago on the back of energy price swings.
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