Second quarter results up for British lender Standard Chartered [Update 1]

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London (dpa) - Results were up in the second quarter for British lender Standard Chartered Plc compared with the same period of the previous year.

Standard Chartered reported on Tuesday that its second quarter profit before taxation grew 4% to $1.58 billion from last year's $1.52 billion.

Earnings per share were 36.7 US cents, up 5% from 34.8 US cents a year ago, according xxxx.

Underlying profit before taxation was $1.83 billion, compared to $1.60 billion last year.

Underlying earnings per share were 45.5 US cents, compared to prior year's 37.3 US cents.

Operating income grew 2% to $4.66 billion from last year's $4.57 billion, despite a 19% drop in net interest income to $1.6 billion.

Underlying operating income went up 6% from last year to $4.81 billion, and was up 7% at constant currency.

Underlying net interest income grew 5% to $2.56 billion.Further,

Standard Chartered upgraded its fiscal 2024 operating income guidance, and now expects to be above 7% in 2024 at constant currency rates. The company previously expected operating income to increase around the top of 5% to 7% range in 2024.

Net interest income for 2024 is still expected to be $10 billion to $10.25 billion, at constant currency.

Standard Chartered also announced its largest ever share buyback of $1.5 billion, starting imminently. This brings total shareholder distributions announced since full-year 2023 results to $2.7 billion.