Standard Chartered attributed the increase in profits to strong performance in the first half of 2021, amid recovery from the Covid-19 pandemic
Standard Chartered reports $829m net income. (Credit: Cobaltblue25/Wikipedia.)
Standard Chartered has reported a net profit of $829m for the second quarter ended 30 June 2021, a 51% increase compared to $549m for the same period last year.
The bank has reported a net interest income of $1.7bn for the second quarter (Q2) of 2021, an increase of 3% compared to $1.6bn for the corresponding quarter in 2020.
Its statutory profit before taxation for the reported quarter was $1.1bn, a 55% rise compared to $741m for the same period the previous year.
The bank has attributed the increase in profits to resilient and encouraging performance in the first half of 2021, amid uneven recovery from the Covid-19 pandemic.
Standard Chartered group chief executive Bill Winters said: “I am encouraged by our positive performance in the first half of 2021 despite an uneven recovery from Covid-19.
“We grew profit before tax 37% year on year, helped by improved loan impairments, strong underlying business momentum and good progress across our strategic priorities.
“We are more confident in achieving our return on tangible equity targets and we are pleased to announce today an additional share buy-back programme together with the resumption of our interim dividend payment.”
Standard Chartered’s Transaction Banking business reported operating income of $637m for Q2 2021, a 12% decrease compared to $721m for the same period in 2020.
The bank’s Financial Markets unit reported an operating income of $1.27bn for Q2 2021, an increase of 3% compared to $1.23bn for the corresponding quarter last year.
Its Wealth Management business reported an operating income of $554m for Q2 2021, a 26% rise compared to $440m for the same quarter in 2020.
The Retail Products reported operating income of $846m for Q2 2021, a 7% increase compared to $913m for the corresponding quarter previous year.