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31-07-2018, 05:28 PM
Standard Chartered profit up 31 per cent in first half as turnaround under CEO Winters pays off
The bank said that it had double-digit pre-tax profit gains in its corporate and institutional business, as well as retail banking
Chad Bray
PUBLISHED : Tuesday, 31 July, 2018, 1:27pm
UPDATED : Tuesday, 31 July, 2018, 3:53pm
Standard Chartered said on Tuesday that its first half earnings rose more than 31 per cent as chief executive William Winters looks to continue a turnaround at the bank.
The lender, which is based in London, but generates much of its revenue in Asia, said that its profit was US$1.59 billion in the first six months of 2018, compared with a profit of US$1.21 billion a year earlier.
Shares of Standard Chartered were up 0.7 per cent at HK$72.60 in Hong Kong on Tuesday ahead of the announcement.
“The group performed steadily in the first half, with encouraging progress on several fronts,” Winters said in a news release. “Income from key products continues to grow strongly, we are investing in exciting new digital and other transformative initiatives and our strengthened risk discipline is paying off.”
Revenue increased 6 per cent to US$7.6 billion, driven by a double-digit pre-tax profit gains in its corporate and institutional and retail banking businesses. That compared with revenue of US$7.2 billion in the first half of 2017.
The bank, which has operated in Hong Kong since 1859 and is one of three lenders that issue bank notes in Hong Kong, returned to profitability last year, reporting its first annual profit since 2014 and said it would resume paying a dividend to shareholders. The lender employs about 86,000 people worldwide, including about 6,000 in Hong Kong.
The half-year results came after the lender said in May that its underlying profit, a measure of profit before certain costs, increased 20 per cent in the first quarter.
More details in https://www.scmp.com/business/companies/...-under-ceo
The bank said that it had double-digit pre-tax profit gains in its corporate and institutional business, as well as retail banking
Chad Bray
PUBLISHED : Tuesday, 31 July, 2018, 1:27pm
UPDATED : Tuesday, 31 July, 2018, 3:53pm
Standard Chartered said on Tuesday that its first half earnings rose more than 31 per cent as chief executive William Winters looks to continue a turnaround at the bank.
The lender, which is based in London, but generates much of its revenue in Asia, said that its profit was US$1.59 billion in the first six months of 2018, compared with a profit of US$1.21 billion a year earlier.
Shares of Standard Chartered were up 0.7 per cent at HK$72.60 in Hong Kong on Tuesday ahead of the announcement.
“The group performed steadily in the first half, with encouraging progress on several fronts,” Winters said in a news release. “Income from key products continues to grow strongly, we are investing in exciting new digital and other transformative initiatives and our strengthened risk discipline is paying off.”
Revenue increased 6 per cent to US$7.6 billion, driven by a double-digit pre-tax profit gains in its corporate and institutional and retail banking businesses. That compared with revenue of US$7.2 billion in the first half of 2017.
The bank, which has operated in Hong Kong since 1859 and is one of three lenders that issue bank notes in Hong Kong, returned to profitability last year, reporting its first annual profit since 2014 and said it would resume paying a dividend to shareholders. The lender employs about 86,000 people worldwide, including about 6,000 in Hong Kong.
The half-year results came after the lender said in May that its underlying profit, a measure of profit before certain costs, increased 20 per cent in the first quarter.
More details in https://www.scmp.com/business/companies/...-under-ceo
Specuvestor: Asset - Business - Structure.
