StanChart unveils $1.5 billion share buyback, boosts income guidance

Standard Chartered (StanChart) has reported a 5% increase in its statutory pre-tax profit for the first half of the year, reaching $3.49 billion, slightly exceeding the bank’s consensus estimate. The London-based bank, whose primary revenue comes from Asia, has upgraded its operating income forecast to more than 7% on a constant currency basis, up from the previous estimate of 5%-7%. StanChart has also initiated a $1.5 billion share buyback program, the largest in its history, and is optimistic about economic growth in its core Asian markets. The bank’s shares in Hong Kong rose 4% following the announcement.