Standard Chartered unveils $1bn buyback as first-half profit beats estimates

(Sharecast News) - Standard Chartered lifted annual guidance and launched a $1bn share buyback after first-half profits rose 20% on the back of soaring interest rates. The Asia-focused bank posted pre-tax of $3.32bn, smashing the company-compiled $3.18bn average of analyst estimates.

It upgraded guidance for full-year income to 12-14% range from a prior estimate of 10%.

"We are mindful of the external macroeconomic headwinds and recent challenges in the banking sector; however, our balance sheet is robust, and we have the right strategy, business model and ambition to deliver our targets," said chief executive Bill Winters.

The bank also took a credit impairment charge of $146m, including $84m relating to the troubled Chinese commercial real estate sector.

Reporting by Frank Prenesti for Sharecast.com