StanChart profit leaps 93pc
LONDON: Standard Chartered (StanChart) reported its underlying pre-tax profit for the six months to end-June rose 93 per cent to US$1.8 billion (RM7.7 billion), as the bank’s revenues continued to stabilise following two years of hefty restructuring and losses.
The bank reported underlying loan impairments of US$583 million for the first half, down from US$1.1 billion in the same period a year ago. The metric is closely watched by investors in the Asia-focused lender, which has suffered a glut of bad debts in recent years following over-exuberant lending.
The bank said its core capital ratio, a key measure of financial strength, rose to 13.8 per cent on improving profits.
The bank said it would not resume paying dividends, as some investors had hoped for following its improved profits and capital position. Reuters