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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Standard Chartered Plc | LSE:STAN | London | Ordinary Share | GB0004082847 | ORD USD0.50 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -0.13% | 755.00 | 751.00 | 751.20 | 767.00 | 748.00 | 756.00 | 9,254,104 | 16:35:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Commercial Banks, Nec | 18.02B | 3.47B | 1.2403 | 6.06 | 21.01B |
By Clarence Leong
Standard Chartered PLC's second-quarter profit rose 6.5% compared to the same period a year earlier, thanks to stronger interest income, as it announced a new $500 million share buyback program.
The Asia-focused bank Friday posted second-quarter underlying pretax profit of $1.32 billion. Operating income rose 6.5% to $3.93 billion, driven by higher net-interest income as central banks increased interest rates aggressively to fight elevated inflation.
Its net-interest income rose 8.2% to $1.85 billion, while its net-interest margin increased by 0.13 percentage point to 1.35%.
For the first half, credit impairments were $267 million, up $314 million from a year earlier. The bank said it is alert to "an unpredictable and challenging external environment including the continued impact of COVID-19 in key markets, pressures in the China commercial real estate sector, commodity price volatility and the impact of the Russia/Ukraine war."
"Looking forward, whilst recession risks are rising in the West, we are seeing the early stages of a post-pandemic recovery in many of the markets in which we operate, underpinning our prospects for growth," Stanchart's Chief Executive Bill Winters said.
Write to Clarence Leong at clarence.leong@wsj.com
(END) Dow Jones Newswires
July 29, 2022 00:48 ET (04:48 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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