Standard Chartered posts higher half-year pretax profit

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Standard Chartered reported first-half pretax profit of $4.78 billion, up 9% from a year earlier, driven by strong wealth and global banking revenue across its Asia and Africa markets. The London-headquartered bank said it booked a $446 million impairment linked to geopolitical uncertainty from the Middle East conflict and had set aside $190 million in precautionary management overlays. Management announced a $1 billion share buyback and an interim dividend of 20.4 cents per share, up from 12 cents, which together boost capital returns while the bank manages conflict-related credit risks.

First-half pretax profit reached $4.78 billion