HONG KONG/LONDON – Standard Chartered reported on July 29 a better-than-expected 9 per cent rise in first-half pretax profit and lifted its full-year income target, as wealth and global banking revenue surged and credit charges tied to the Iran war held steady.
The bank’s Hong Kong-traded shares rose more than 5 per cent after the earnings release to hit an almost 19-year high.
StanChart, which earns most of its revenue in Asia and Africa, said that pretax profit for the first six months of 2026 reached US$4.78 billion (S$6.17 billion).
That compared with US$4.38 billion a year earlier and the US$4.52 billion average of 16 analyst estimates compiled by the bank.
The bank revised its guidance for the year, saying it would see income growth around the middle of a 5-7 per cent range instead of previous guidance for it to be closer to the bottom.
Wealth management income jumped 38 per cent, driven by double-digit growth in investment products as inflows and the number of new accounts increased amid strong demand for wealth advice during a period of market volatility.
“Clients continue to turn to us to facilitate trade, investment and wealth flows across the world’s most dynamic markets,” Group Chief Executive Bill Winters said in a statement.
StanChart said its Middle East portfolio represents 6 per cent of overall exposures, and that it had remained broadly stable.
The lender took a US$44 million additional impairment in the second quarter, which it said partly reflected clients in the petrochemical sector showing early signs of distress.
It set aside US$190 million as precautionary management overlays in April against expected future losses.
StanChart announced a US$1 billion share buyback, along with an interim dividend of 20.4 cents per share, up from 12 cents the year before. REUTERS
