Standard Chartered Second-Quarter Profit Rose 6.5%
July 29 2022 - 1:03AM
Dow Jones News
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)
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