Standard Chartered Launches $1.5 Billion Share Buyback, Raises Earnings Outlook

The bank's first-half pre-tax profit rises 5%, driven by strong performance in Asia and wealth management.

StanChart's statutory pre-tax profit for the first half of 2024 reached $3.49 billion, slightly above analyst expectations.
The bank's Hong Kong-listed shares rose 4% following the announcement of the share buyback and improved earnings guidance.
Cost-cutting measures are set to save around $1.5 billion over three years, targeting areas like regional reporting and process automation.
Income from the wealth solutions unit surged 25% in the first half, with net new sales more than doubling to $13 billion.
Provisions for potential bad loans in China's commercial real estate sector totaled $1.2 billion due to slower-than-expected property market recovery.