London-headquartered Standard Chartered saw profits rise in the second quarter of 2023, driven by higher rates and interest income.
Standard Chartered posted a pre-tax profit of $1.5 billion in the second quarter of 2023, according to the bank’s financial results, up 18 percent year-on-year.
Operating income grew 16 percent to $4.6 billion, mainly driven by a 24 percent increase in non-interest income. The financial markets business delivered a record second quarter with $1.4 billion of income. Operating expenses increased 11 percent to $2.8 billion. Overall, the bank registered a pre-tax profit of $3.3 billion in the first half, up 20 percent.
Buybacks, Dividends
Standard Chartered is currently partly through its $1 billion share buyback program announced on February 16 and is now commencing an additional $1 billion in buybacks. The bank’s board is also recommending an interim 2023 ordinary dividend of 6 cent per share, marking a 50 percent increase.
«We are mindful of the external macroeconomic headwinds and recent challenges in the banking sector; however, our balance sheet is robust, and we have the right strategy, business model and ambition to deliver our targets,» said Standard Chartered CEO Bill Winters in a statement.
