London-headquartered Standard Chartered registered a rise in profits for the first six months of 2024 and launched a new round of share buybacks.
Standard Chartered posted $3.5 billion in pre-tax profit for the first half of 2024, according to the bank’s financial results, marking a 5 percent year-on-year increase.
Operating income grew 7 percent to $9.8 billion as a 20 percent drop in net interest income (NNI) to $3.2 billion was offset by a 29 percent increase in non-NNI to $6.6 billion. This includes a record performance from wealth solutions, which registered $1.2 billion of income.
Operating expenses rose 7 percent to $6.1 billion. Credit impairment as well as goodwill and other impairments increased 49 percent and 91 percent to $240 million and $147 million, respectively.
Dividend, Share Buyback
As part of Standard Chartered's 2024-2026 target of delivering at least $5 billion of shareholder return, the bank announced an interim dividend of 9 cents per share, up 50 percent year-on-year, and a further share buyback program of $1.5 billion. Total shareholder returns announced since the 2023 annual results are at $2.7 billion.
«We produced a strong set of results for the first half of the year, demonstrating the value of our franchise as a cross-border corporate and investment bank and a leading wealth manager for affluent clients,» commented group CEO Bill Winters.
