StanChart announces $500 million share buyback as first-half profit climbs 19%

2022.07.29 07:35

FILE PHOTO: The Standard Chartered bank logo is seen at its headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls

SINGAPORE (Reuters) – Standard Chartered (OTC:SCBFF) on Friday reported first-half pre-tax profit rose 19%, in line with market expectations, as the emerging markets-focused lender benefited from rising interest rates.

Statutory pretax profit for the lender, which earns most of its revenue in Asia, increased to $2.8 billion in the first half of the year from $2.35 billion in the same period a year earlier.

The bank also announced a share buyback of $500 million.

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