StanChart first-half profit rises 9%, beating estimates on strong wealth growth

StanChart first-half profit rises 9%, beating estimates on strong wealth growth HONG KONG/LONDON, July 29 : Standard Chartered (StanChart) reported on Wednesday that first-half pretax profit rose 9 per cent, bolstered by surging wealth and global banking revenue, helping the emerging markets lender offset ongoing credit charges tied to the Iran war. StanChart, which earns most of its revenue in Asia and Africa, said pretax profit for the first six months of this year reached $4.78 billion. That compared with $4.38 billion a year earlier and the $4.52 billion average of 16 analyst estimates compiled by the bank. The London-headquartered lender booked a $446 million impairment from geopolitical uncertainty and potential spillovers from the Middle East conflict. It set aside $190 million as precautionary management overlays in April. StanChart announced a $1 billion share buyback, along with an interim dividend of 20.4 cents per share, up from 12 cents the year before.