StanChart announces $1.5 billion share buyback as first-half profit rises 5% By Reuters

HONG KONG/LONDON (Reuters) -Standard Chartered (StanChart) on Tuesday reported its pretax profit rose 5% in the first six months of the year, just ahead of analysts’ estimates and announced its largest share buyback to date.

StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first half reached $3.49 billion. That compared with $3.32 billion a year earlier and the $3.46 billion average of 15 analyst estimates compiled by the bank.

The London-headquartered lender unveiled a $1.5 billion share buyback.

StanChart also lifted its guidance for 2024 and now expects operating income to grow more than 7% at constant currency rates compared with its previous projection of between 5% and 7%.