It reported second quarter pretax profit of US$1.83 billion, beating analyst estimates of US$1.6 billion. The lender raised its outlook for income growth, and is now expecting operating income to rise more than 7% in 2024. Operating income from wealth solutions jumped 25%, thanks to net new sales and affluent new to bank customers.
Standard Chartered expanded its multi-billion-dollar share buyback program as the bank reported a rise in pretax profits driven by its wealth business.
The London-headquartered lender said in a statement Tuesday that it will repurchase a record US$1.5 billion ($2.02 billion) as it looks to return a total of US$5 billion to shareholders by 2026.
