LONDON (dpa-AFX) - British lending major Standard Chartered Plc (SCBFF.PK, STAC.L, STAN.L) reported Thursday that its second-quarter profit climbed from last year with growth in operating income. Further, the company updated income growth view for fiscal 2025, and maintained outlook for 2023-2026 period.
In addition, the company announced a further buyback of $1.3 billion, to commence imminently. With this, the company said it is well on its way to total shareholder returns target of at least $8 billion through to the end of 2026.
In Hong Kong, Standard Chartered shares were losing around 4.3 percent to trade at HK$137.500.
Looking ahead, for fiscal 2025, the growth in income is now expected to be around the bottom of the 5-7% range at ccy excluding notable items. The company previously expected growth in income to be below the 5-7 percent range.
Standard Chartered continues to project operating income to increase 5 percent to 7 percent CAGR in 2023-2026 at constant currency rates excluding the reclassification, currently tracking towards the upper end of the range.
In its second quarter, profit before taxation climbed 44 percent to $2.28 billion from last year's $1.58 billion. Earnings per share climbed 98 percent to 72.5 cents from 36.7 cents a year ago.
Underlying profit before tax was $2.40 billion, compared to $1.83 billion last year. Underlying earnings per share were 76.6 cents, compared to 45.5 cents a year earlier.
Operating income for the quarter grew 19 percent to $5.53 billion from $4.66 billion last year. The growth was 18 percent at constant currency rates.
Underlying operating income grew 15 percent on a reported basis and 14 percent at constant rates to $5.51 billion.
Net interest income meanwhile fell 9 percent from last year to $1.46 billion, while underlying net interest income edged up.
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