Standard Chartered has reported 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, a surge of 82% over $963m reported a year ago.
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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 in the first half of 2016.
Common Equity Tier 1 ratio at the end of June 2017 stood at 13.8%, versus 13.1% a year ago.
The private banking unit of Standard Chartered reported statutory loss before tax of $2m for the first half of 2017 as against a $51m in the year ago half. The unit posted an underlying loss before tax of $1m, versus a profit $51m the last year.
Operating income at the division dropped 7% to $242m from $261m in the previous year. The private banking division’s operating expenses were $243m, an increase of 16% from $209m a year earlier.
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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.”
