Standard Chartered (StanChart) on Tuesday announced its largest-ever share buyback worth $1.5 billion and lifted its earnings outlook for this year, betting on strong economic growth in its core Asian markets and plans to rein in costs.
StanChart's statutory pre-tax profit for the first half climbed 5% to $3.49 billion, just ahead of a consensus estimate compiled by the bank.
Asia-focused global banks including StanChart and rival HSBC have benefited in recent years from higher interest rates and relatively stronger economic growth and wealth generation in the region.
But in China, slowing economic growth and the country's property sector crisis have been a concern for Western banks.
StanChart has made provisions totaling $1.2 billion for potential bad loans in China's commercial real estate sector so far this year.
Persons:
Bill Winters, StanChart, Sadia Ricke
Organizations:
Chartered, Tuesday, HSBC
Locations:
Hong Kong, London, Asia, Africa, China