StanChart announces $1.5 billion share buyback as first-half profit rises 5%

HONG KONG/LONDON (Reuters) – Standard Chartered (StanChart) on Tuesday reported its pretax profit rose 5% in the first six months of the year, just ahead of analysts’ estimates and announced its largest share buyback to date.

StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first half reached $3.49 billion. That compared with $3.32 billion a year earlier and the $3.46 billion average of 15 analyst estimates compiled by the bank.

The London-headquartered lender unveiled a $1.5 billion share buyback.

(Reporting by Selena Li in Hong Kong and Lawrence White in London; Editing by Edwina Gibbs)