30.07.2024 06:49:39

Standard Chartered Q2 Results Rise, Lifts FY24 Operating Income View; To Buy Back $1.5 Bln Shares

(RTTNews) - British lending major Standard Chartered Plc (SCBFF.PK, STAC.L, STAN.L) reported Tuesday that its second-quarter profit before taxation grew 4 percent to $1.58 billion from last year's $1.52 billion.

Earnings per share were 36.7 US cents, up 5 percent from 34.8 US cents a year ago.

Underlying profit before taxation was $1.83 billion, compared to $1.60 billion last year. Underlying earnings per share were 45.5 US cents, compared to prior year's 37.3 US cents.

Operating income grew 2 percent to $4.66 billion from last year's $4.57 billion, despite a 19 percent drop in net interest income to $1.60 billion.

Underlying operating income went up 6 percent from last year to $4.81 billion, and was up 7 percent at constant currency. Underlying net interest income grew 5 percent to $2.56 billion.

Further, Standard Chartered upgraded its fiscal 2024 operating income guidance, and now expects to be above 7 percent in 2024 at constant currency rates. The company previously expected operating income to increase around the top of 5 percent to 7 percent range in 2024.

Net interest income for 2024 is still expected to be $10 billion to $10.25 billion, at constant currency.

Standard Chartered also announced its largest ever share buyback of $1.5 billion, starting imminently. This brings total shareholder distributions announced since full-year 2023 results to $2.7 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

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