Standard Chartered H1 profits beat expectations; $1.3bn share buyback announced

(Sharecast News) - Standard Chartered posted a jump in first-half profit on Thursday, underpinned by solid performances from the wealth and markets segments. In the six months to 30 June, pre-tax profit rose 26% on the same period a year earlier to $4.38bn. This was comfortably ahead of analysts' expectations of $3.83bn.

The bank also announced a $1.3bn share buyback and lifted its interim dividend by 37% to 12.3 cents a share.

Chief executive Bill Winters said: "Our strong first-half performance reflects continued successful execution of our strategy, through our focus on cross-border and affluent banking. We delivered record net new money in the second quarter, alongside double-digit income growth in Wealth Solutions, Global Markets and Global Banking.

"Through our unique network across Asia, Africa and the Middle East, we offer our clients the means to navigate volatile external conditions. We're performing well, while keeping a tight grip on costs, credit risk and capital. As a result, we delivered a 41% increase in earnings per share in the first half and have announced a further buyback of $1.3bn."