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Standard Chartered PLC on Friday said it delivered a strong set of results for the first half of the year, with profit rising, and the bank also launched a share buyback.
For the six months to June 30, the emerging markets-focused lender said operating income rose 7.7% to $8.22 billion from $7.63 billion a year before, with net interest income up 8.0% to $3.64 billion.
Pretax profit was $2.77 billion, up 8.2% from $2.56 billion.
Profit rose despite StanChart booking a credit impairment charge of $263 million, swinging from a release of $51 million.
Turning to returns, StanChart proposed an interim dividend of $119 million, equivalent to 4.0 US cents per share
StanChart also announced a $500 million share buyback to start ‘imminently’ and plans to return more than $5 billion to shareholders over the next three years. During the recent half, it completed a $750 million buyback.
The latest buyback is expected to reduce its CET1 ratio by 20 basis points, which stood at 13.9% at June 30, towards the top of its 13% to 14% target range and down from 14.1% at the end of December.
Chief Executive Bill Winters said the company delivered a ‘strong’ set of results.
‘We remain confident in the delivery of the financial targets we set out in February,’ he added.
Shares in StanChart were up 2.1% at 578.80 pence in London early Friday.
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