StanChart Announces $1 Billion Buyback After Earnings Beat
- Lender’s adjusted pretax profit for second quarter rises 27%
- StanChart, boosted by rising rates, sees 12%-14% income rise
Source: Bloomberg
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Standard Chartered Plc raised its forecasts for income growth for 2023 and doubled down on share buybacks as rising interest rates propelled earnings.
The bank reported a 27% rise in adjusted pretax profit for second quarter to $1.6 billion, according to a statement. The results exceeded the $1.39 billion Bloomberg-compiled analyst estimate and marked the best first half performance by the lender since Bill Winters took over as chief executive officer in 2015.