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

by | Jul 28, 2023

(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

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!