Standard Chartered Reports Second-Quarter Profit Increase

Standard Chartered PLC has reported a second-quarter profit increase, driven by growth in operating income. The company’s net profit for the quarter was $1.3 billion, a 15% increase from the same period in the previous year.

Updated Income Growth View and Outlook

The company has updated its income growth view for fiscal 2025, with a projected growth rate of 5-7%. Standard Chartered has also maintained its outlook for the 2023-2026 period, with a focus on sustainable growth and profitability.

Share Buyback Program

Standard Chartered has announced a further buyback of $1.3 billion, which is expected to commence imminently. The buyback program is part of the company’s ongoing efforts to return value to shareholders.

Stock Performance

The company’s shares have shown a moderate increase in value, with the stock price rising to a new high. As of the latest market close, the stock price was $6.50 per share.

Sustainability Commitment

Standard Chartered’s CEO, Bill Winters, has expressed his commitment to achieving net zero emissions by 2050. This commitment is in line with the company’s goal to reduce its environmental impact and contribute to a more sustainable future.

Syndicated Loan Arrangement

Standard Chartered is involved in a syndicated loan arrangement with Société Générale SA to help fund Ivory Coast’s budget. The loan arrangement is part of the company’s efforts to support economic development in emerging markets.