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Standard Chartered H1 Profit Rises; Updates FY22 Income View; Plans $500 Mln Share Buyback

British bank Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) reported Friday that its first-half profit before tax went up 8 percent to $2.77 billion from last year's $2.56 billion.

Earnings per share increased to 62.1 cents from 54.8 cents a year ago.

Underlying Profit before taxation grew to $2.82 billion from prior year's $2.68 billion. Underlying earnings per share were 63.4 cents, compared to 58.3 cents last year.

Operating income increased 8 percent to $8.23 billion from $7.63 billion in the previous year. Income grew 10 percent at constant currency. Net interest income went up 12 percent at constant currency.

Looking ahead, the company said the start to 2022 has been strong, albeit external conditions remain difficult to predict. The company remains confident in the delivery of the financial targets set out in February.

For the full year, the company now expects income ex-DVA growth of around 10 percent at constant currency. The company earlier expected income growth to slightly exceed the previously guided 5-7 percent range.

The company also said it is on track to deliver 10 percent return on tangible equity by 2024 if not earlier.

Further, Standard Chartered also announced a new $500 million share buyback to start imminently.

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