Standard Chartered H1 pretax profit rises 34%

Standard Chartered Plc reported on Tuesday a 34 percent surge in its pretax profit for the six months to June, as the Asia-focused bank continued to grow its revenue after years of restructuring.

Pretax profit for StanChart, which focuses on Asia, Africa, and the Middle East, rose to $2.35 billion in the first half of the year, from $1.75 billion in the same period last year, the lender said in a regulatory filing.

StanChart’s profit growth in the last few quarters and the return to dividends this year are seen by investors as signs the sweeping restructuring implemented by Chief Executive Bill Winters when he joined the bank in 2015 is showing promise.

Source: Reuters