Standard Chartered announces record share buy-back after profits beat estimates
- The Hong Kong-listed bank, which reported a 15 per cent increase in second-quarter pre-tax profit to US$1.8 billion, said it would buy-back US$1.5 billion of shares
Standard Chartered, one of Hong Kong’s three currency issuers, announced a multibillion-dollar share buy-back programme amid a rise in pre-tax profits driven by its wealth business.
The London-headquartered bank, which derives most of its business in Asia, reported a 15 per cent increase in second-quarter pre-tax profit to US$1.8 billion, beating analysts’ estimates of US$1.6 billion.
The bank said it would repurchase a record US$1.5 billion of shares as it looks to return a total of US$5 billion to shareholders by 2026.
“We produced a strong set of results for the first half of the year, demonstrating the value of our franchise as a cross-border corporate and investment bank and a leading wealth manager for affluent clients,” CEO Bill Winters said in an earnings statement to the Hong Kong stock exchange on Tuesday.
Cross-border business activity also showed particularly strong growth from each of the regions, Winters added in a media briefing later.
On questions about the upcoming US election, Winters said both the Biden and Trump administrations had been hawkish on China, adding that he was “not worried” if either party wins, as Beijing continues to reform and open up its economy.
