Standard Chartered Surpasses Expectations with Strong Profits and Announces $1 Billion Share Buyback

Standard Chartered, an emerging markets-focused lender, reported a 20% increase in first-half pretax profit, reaching $3.32 billion, and announced a new $1 billion share buyback. The bank's income growth outpaced cost increases, driving a 3 percentage point improvement in its cost-income ratio. Standard Chartered upgraded its guidance for income growth in 2023 and highlighted its robust balance sheet and strategic ambition. The bank's transaction banking income and financial markets business also saw significant growth.