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Market Analysis

Standard Chartered Exceeds Q2 Profit Estimates, Announces $1.5 Billion Buyback
Amos Simanungkalit · 4.5K Views

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Image Credit: Reuters

Asia-focused bank Standard Chartered PLC (HK:2888) (LON) reported a stronger-than-expected second-quarter profit on Tuesday and announced a $1.5 billion share buyback, driven by robust performance in its wealth management unit and increased net interest income.

The bank’s underlying profit before tax increased by 14% to $1.83 billion for the three months ending June 30, surpassing Bloomberg's estimates of $1.62 billion.

Stanchart's strong profit was supported by a net interest income of $2.6 billion, a 6% increase from the previous year, as stated in a release on the Hong Kong Stock Exchange.

In light of the strong earnings, the bank initiated a $1.5 billion buyback program immediately. This follows a $1 billion buyback announced in the second quarter, which has recently been completed.

Despite weaker credit activity in China and Hong Kong due to an ongoing property market slump, the bank reported resilience in its credit and wealth management portfolios.

Stanchart upgraded its 2024 operating income forecast to a growth of over 7%, compared to the previous range of 5% to 7%. The bank maintained its net interest income outlook between $10 billion and $10.25 billion.

Additionally, the bank declared an interim dividend of 9 cents per share, up from 6 cents last year.

 

 

 

Paraphrasing text from "Reuters" all rights reserved by the original author.

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