StanChart announces $1 billion share buyback as first-half profit jumps 20%

HONG KONG (Reuters) – Standard Chartered (OTC:) PLC (StanChart) reported on Friday first-half pretax profit rose 20% and announced a $1 billion share buyback plan, as rising rates and record financial market business propelled margins at the emerging markets-focused lender.StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of this year reached $3.32 billion. That compared with $2.77 billion a year earlier and the $3.18 billion average of 16 analyst estimates compiled by the bank.

“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,” CEO Bill Winters said in a statement.