Standard Chartered's First-Half Profit Rose 20% on Year
By Yifan Wang
Standard Chartered's first-half net profit rose 20% on year, helped by higher net interest income.
The Asia-focused lender on Friday posted an underlying net profit of $2.13 billion as operating income rose 14% to $8.95 billion, which the bank said was the highest half-yearly income since the second half of 2014. The growth has been driven by sharply higher net interest income, which grew 29% on an underlying basis amid the tightening of monetary policy globally.
Net interest margin during the period increased 35 basis points to 1.67%.
StanChart also raised its full-year income guidance and now expects constant-currency growth of 12% to 14%, up from its earlier forecast of around 10%.
"We have made a strong start to 2023 with positive momentum being supported by progress on our Five strategic actions and the markets in our footprint are expected to continue to grow faster than those in the West," the bank said.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
July 28, 2023 00:54 ET (04:54 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing