StanChart announces $1.5 bln share buyback as first-half profit rises 5% (updated)

China Bohai Bank

30/07/2024 05:33

(Adds upward revision to 2024 forecast in paragraph 4)
       HONG KONG/LONDON, July 30 (Reuters) - Standard Chartered
(StanChart)  STAN.L  on Tuesday reported its pretax profit rose
5% in the first six months of the year, just ahead of analysts'
estimates and announced its largest share buyback to date.
    StanChart, which earns most of its revenue in Asia, said
statutory pretax profit for the first half reached $3.49
billion. That compared with $3.32 billion a year earlier and the
$3.46 billion average of 15 analyst estimates compiled by the
bank.
    The London-headquartered lender unveiled a $1.5 billion
share buyback. 
    StanChart also lifted its guidance for 2024 and now expects
operating income to grow more than 7% at constant currency rates
 compared with its previous projection of between 5% and 7%.

 (Reporting by Selena Li in Hong Kong and Lawrence White in
London; Editing by Edwina Gibbs)
 ((Selena.Li@thomsonreuters.com; +852 39525868;))