People walk outside the main branch of Standard Chartered in Hong Kong, China August 1, 2017. REUTERS/Bobby Yip
LONDON: Standard Chartered (StanChart) reported its underlying pretax profit for the six months to end-June rose 93% to US$1.8bil (RM7.7bil), as the bank’s revenues continued to stabilise following two years of hefty restructuring and losses.
The bank reported underlying loan impairments of US$583mil (RM2.5bil) for the first half, down from US$1.1bil (RM4.7bil) in the same period a year ago.
The metric is closely watched by investors in the Asia-focused lender, which has suffered a glut of bad debts in recent years following over-exuberant lending.
The bank said its core capital ratio, a key measure of financial strength, rose to 13.8% on improving profits.
Standard Chartered shares fell 1% in London immediately following the results announcement.
The bank said it would not resume paying dividends, as some investors had hoped for following its improved profits and capital position. - Reuters
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