StanChart profit leaps 93pc

New Straits Times - - Business -

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

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