Standard Chartered Posts Lower Profit, Announces $1.5 Billion Share Buyback

By Kosaku Narioka

Standard Chartered posted a drop in second-quarter net profit and announced a $1.5 billion share buyback.

The London-based bank said Tuesday that net profit fell 3.7% from a year earlier to $946 million for the three months ended June. Its quarterly net profit fell short of the estimate of $1.03 billion in a poll of analysts by Visible Alpha.

Second-quarter net interest income--the difference between interest earned on loans and that paid on deposits--fell to $1.60 billion from $1.98 billion.

Earlier this year, StanChart revamped its group management team in a bid to simplify its organizational structure. The bank has since bolstered its global transaction-banking leadership and added specialists to strengthen the capabilities of its discretionary portfolio-management services and chief investment office.

The stock has risen 12% this year through Monday in Hong Kong, continuing its gradual upward trend from the low marked in 2020 amid the Covid-19 pandemic.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 30, 2024 00:57 ET (04:57 GMT)

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