Monday, September 26, 2022

StanChart resumes dividends and buybacks as profit recovers By Reuters

-


© Reuters. FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China, Aug. 1, 2017. REUTERS/Bobby Yip/File Photo

By Alun John and Lawrence White

HONG KONG (Reuters) -Standard Chartered PLC posted a higher than expected 57% jump in first-half pretax profit and announced a $250 million share buyback, with the bank also resuming dividend payments by unveiling a 3 cents per share interim payout.

Statutory pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, rose to $2.55 billion in January-June from $1.63 billion in the same period last year, the London-headquartered bank said in a stock exchange filing.

The latest profit compared with the $2.23 billion average of analyst estimates compiled by Standard Chartered (OTC:).

“We believe that we will soon be back on the same performance trajectory that we were on before the pandemic set us back,” Chief Executive Bill Winters said.

StanChart’s profit boost was helped by improved loan impairments, and the bank was also able to release $47 million it had set aside last year to cover a potential increase in bad loans due to the pandemic.

However, the bank released less than larger rival HSBC did a day earlier.

Income fell 5%, which the bank blamed on low interest rates that it said were now likely at their trough.

Costs rose 8%, mainly due to higher pay for bankers as StanChart, in common with its rivals, boosted bonuses to try and retain key staff as banks’ profits rebound.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US

0FansLike
3,502FollowersFollow
0SubscribersSubscribe
spot_img

Related Stories