Standard Chartered has reported an underlying pre-tax profit of $1.92bn for the first half of 2017, a jump of 93% compared to $994m a year earlier.
The banking group’s statutory pre-tax profit for the period ended 30 June 2017 was $1.75bn, an increase of 82% from $963m from the same period last year.
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Underlying operating income increased 6% to $7.22bn, while statutory operating income increased 3% year-on-year to $7.22bn. Underlying operating expenses increased 5% to $4.77bn from $4.53bn the last year.
Common Equity Tier 1 ratio at the end of June 2017 stood at 13.8%, versus 13.1% a year ago.
The group’s retail banking arm posted statutory pre-tax profit of $505m for the first half of 2017, an increase of 17% from $431m in the year ago half, while the unit’s underlying pre-tax profit increased 16% year-on-year to $501m.
Operating income at the retail banking division rose 3% to $2.39bn from $2.31bn a year ago. Operating expenses increased 5% to $1.72bn from $1.64bn in the previous year.
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By GlobalDataStandard Chartered group CEO Bill Winters said: “We have had an encouraging start to 2017, making steady progress against our strategic objectives.
“Our increased profitability and improved asset quality over the last year reflect the success of this approach: we are stronger, leaner and becoming more efficient. We go into the second half of the year confident in our resilience and in our ability to generate better value for our clients and shareholders.”
