Standard Chartered has posted statutory profit attributable to ordinary shareholders of $1.87bn for the first half of 2022, up 9% compared with $1.72bn a year ago.

Statutory pre-tax profit stood rose by 8% to $2.77bn from $2.56bn in the year ago half.

For the period ended 30 June 2022, statutory operating income increased to $8.2bn from $7.63bn in the corresponding half of 2021.

Operating expenses rose by 2% year-on-year to $5.33bn while net interest margin rose by 10 basis points to 1.32%.

StanChart group chief executive Bill Winters said: “We’ve posted a strong set of results for the first half of the year, with income up 10% on a normalised basis, supported by continued positive momentum in the second quarter, in which we grew income 11%.

“We remain disciplined on expenses, with significant savings delivered and maintained a strong capital position, with a CET1 ratio of 13.9%.

The Consumer, Private & Business Banking unit of the group posted statutory profit before taxation of $699m, a decline of 16% compared with $831m in the year ago period.

The unit’s operating income stood at $2.87bn, down 3% versus $2.97bn a year earlier.

Wealth Management operating income declined 18% to $988m from $1.2bn in the first half of 2021.

The lender also announced plans to buyback shares worth $500m, which will start imminently. The bank also increased payouts to shareholders, with an increased interim dividend of $119 million equal to 4 cents per share.