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Our Sites ePaper dimsum entertainment TheStarTV.com myStarjob.com Carsifu StarProperty iBilik R.AGE mStar Majoriti Kuali Newsstand StarCherish.com 988 FM Suria FM More AboutContact UsFAQ The Star ePaperAdvertise with Us ePaperEventsR.AGEmStarMajoritiStarPropertyStarCherishStarCarsifuStarSearchmyStarjobKualiKuntumSuriaFM988FM × View * Subscriptions * Log In * * Manage Profile * Change Password * Manage Logins * Manage Subscription * Transaction History * Manage Billing Info * Manage For You * Manage Bookmarks * Package & Pricing * FAQs * Log Out Toggle navigation * Toggle navigation * StanChart lifts annual profit outlook, sets new US$1bil share buyback * * StarPlus * News * Asean+ * Business * Sport * Metro * Lifestyle * Food * Tech * Education * Opinion * Videos * Photos * StarPicks X * Subscriptions * The Star Digital Access * Newsstand * SMS Services * Log In * * Manage Profile * Change Password * Manage Logins * Manage Subscription * Transaction History * Manage Billing Info * Manage For You * Manage Bookmarks * Package & Pricing * FAQs * Log Out * * * Home * StarPlus * News * Latest * Nation * World * Environment * In Other Media * True or Not * Focus * Asean+ * Business * News * SMEBiz * Insight * Unit Trust * Exchange Rates * My Portfolio * Market Watch * Bursa Overview * Market Movers * Financial Results * Dividends * Bonus * IPO * Sport * Football * Golf * Badminton * Tennis * Motorsport * Athletics * Hockey * Other Sport * Say What * Metro * Metro News * Community Sports * Views * Lifestyle * Entertainment & Style * People & Living * Health & Family * Travel & Culture * Viewpoints * Food * Food News * Eating Out * Food for Thought * Kuali * Education * News * Tech * Tech Thoughts * Opinion * Letters * Columnists * Videos * Photos * StarPicks * More * Classifieds * Events * StarCherish.com Home StarPlus News * Latest * Nation * World * Environment * In Other Media * True or Not * Focus Asean+ Business * News * SMEBiz * Insight * Unit Trust * Exchange Rates * My Portfolio Market Watch * Bursa Overview * Market Movers * Financial Results * Dividends * Bonus * IPO Sport * Football * Golf * Badminton * Tennis * Motorsport * Athletics * Hockey * Other Sports * Say What Metro * Metro News * Community Sports * Views Lifestyle * Entertainment & Style * People & Living * Health & Family * Travel & Culture * Viewpoints Food * Food News * Eating Out * Food for Thought * Kuali Tech * Tech Thoughts Education * News Opinion * Columnists * Letters Videos Photos StarPicks More * Classifieds * Events * StarCherish.com TOPICS Previous State Polls 2023| StarExtra| Flood Alert| StarESG| Urban Biodiversity| True or Not| SOBA 2023| Covid-19 Watch| Sabah & Sarawak| Do You Know Next STANCHART LIFTS ANNUAL PROFIT OUTLOOK, SETS NEW US$1BIL SHARE BUYBACK -------------------------------------------------------------------------------- * Banking * Friday, 28 Jul 2023 2:38 PM MYT RELATED NEWS -------------------------------------------------------------------------------- Technology 19h ago ON SEMICONDUCTOR FORECASTS ROBUST Q3 REVENUE ON SILICON... Banking 26 Jul 2023 DEUTSCHE BANK Q2 PROFIT FALLS 27% ON INVESTMENT BANKING SLUMP Technology 19h ago AMAZON INVESTORS EYE REVENUE, CLOUD GROWTH AND RETAIL MARGINS... FILE PHOTO: The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls HONG KONG: Standard Chartered PLC upgraded its annual profit forecast on Friday and set a new $1 billion share buyback after a strong first-half performance, as rising rates and a record financial markets business propelled the lender's margins. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of the year surged 20% to $3.32 billion, beating the $3.18 billion average of 16 analyst estimates compiled by the bank. The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. "We are mindful of the external macroeconomic headwinds and recent challenges in the banking sector; however, our balance sheet is robust, and we have the right strategy, business model and ambition to deliver our targets," CEO Bill Winters said in a statement. AdChoices 广告 StanChart's robust results showed how global market conditions are playing to the emerging markets-focused lender's strengths. Rising interest rates are lifting lending income at its transaction banking business, which handles cash and payments for big companies, while its focus on trading over dealmaking in investment banking helps it avoid a slump in corporate mergers and fundraising. Analysts at Jefferies hailed the set of numbers which exceeded expectations in most areas, with revenues beating the consensus forecasts and second quarter credit costs from loan losses coming in lower than expected at $146 million versus estimates of $260 million. StarPicks ACKNOWLEDGING GERIATRIC CARE IMPORTANCE Hong Kong shares of StanChart pared earlier losses in afternoon trading on Friday after the results, but were still down 0.3% and trailed a 1% gain in the broader market. AdChoices 广告 The bank said income growth outpaced increases in costs, despite inflation pushing up the latter, driving a 3 percentage point improvement to its cost-income ratio to 61% for the first half. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment. Its financial markets business delivered a record $2.8 billion in income in the first half, a 4% increase from an already strong period a year ago on the back of energy price swings. That contrasted with the prolonged slump in income at more deal-focused U.S. and European rivals. U.S. banking firms such as Goldman Sachs and Citigroup earlier this month reported lacklustre results for investment banking, while European rival Deutsche Bank said on Wednesday revenue for the business would now fall this year instead of staying flat as deal activity remains sluggish. - Reuters Subscribe now to our Premium Plan for an ad-free and unlimited reading experience! Tags / Keywords: Standard Chartered , outlook , Bill Winters Topic: Banking HOW USEFUL IS THIS ARTICLE TO YOU? 100% of our readers find this article useful FOUND A MISTAKE IN THIS ARTICLE? Report it to us. What is the issue about? Spelling and grammatical error Factually incorrect Story is irrelevant This field is mandatory This field is mandatory Email (optional) Please enter valid email. Report issue Report issue Cancel Invalid captcha response. Please re-try again. Thank you for your report! RELATED NEWS -------------------------------------------------------------------------------- Technology 19h ago ON SEMICONDUCTOR FORECASTS ROBUST Q3 REVENUE ON SILICON... Banking 26 Jul 2023 DEUTSCHE BANK Q2 PROFIT FALLS 27% ON INVESTMENT BANKING... Technology 19h ago AMAZON INVESTORS EYE REVENUE, CLOUD GROWTH AND RETAIL MARGINS... RELATED NEWS -------------------------------------------------------------------------------- Technology 19h ago ON SEMICONDUCTOR FORECASTS ROBUST Q3 REVENUE ON SILICON... Banking 26 Jul 2023 DEUTSCHE BANK Q2 PROFIT FALLS 27% ON INVESTMENT BANKING... Technology 19h ago AMAZON INVESTORS EYE REVENUE, CLOUD GROWTH AND RETAIL MARGINS... NEXT IN BUSINESS NEWS BP boosts dividend even as profit slumps 70% to... Malaysian manufacturers show a continued... Jomo: Malaysia may need to consider a modified VAT Evergreen Max inks underwriting agreement with... Opcom proposes diversification into power generation... SC issues guidelines on technology risk management for... TNB, PETRONAS in tie-up to advance hydrogen economy Australian central bank holds rates steady for second... HSBC lifts outlook, launches US$2bil buyback as profit... Tan Wee Bee named new Sunsuria group CEO Promoted Stories Skip Ads by Recommended by OTHERS ALSO READ -------------------------------------------------------------------------------- starplus28 Jul 2023 INTERACTIVE: 512 CANDIDATES NAMED SO FAR FOR STATE POLLS STARPICKS CENTRE TO TRAIN B40 TO BE MODERN AGROPRENEURS AseanPlus News4h ago ‘MY MOTHER COULD NOT SWIM’: SON OF PASSENGER WHO FELL OVERBOARD CRUISE SHIP SPECTRUM OF THE SEAS Nation5h ago STATE POLLS: I HAVE A NEW ZEALAND PR, NOT CITIZENSHIP, SAYS PAKATAN CANDIDATE Entertainment2h ago AMERICAN SINGER LAUV CANCELS SOLD-OUT MALAYSIAN GIGS, SINGAPORE SHOW TO GO ON Taxation1h ago JOMO: MALAYSIA MAY NEED TO CONSIDER A “MODIFIED VAT” Nation1h ago INVESTIGATION INTO FAHMI FADZIL'S SPEECH UNDERWAY, SAYS SELANGOR TOP COP AseanPlus News16h ago FRENCH EXTREME SPORTS ENTHUSIAST PLUNGES TO DEATH Nation1h ago BANKRUPT GOLDSMITH ALLEGEDLY DUPES 15 GOLD SUPPLIERS OF RM30MIL OF GOLD Nation16h ago KING AND QUEEN MOVED TO TEARS Nation16h ago HUGO NG’S COFFEE SHOP BUSINESS BOOMING Metro News16h ago PAGEANT RETURNS IN NOVEMBER TO INSPIRE MORE WOMEN Load more TRENDING IN BUSINESS -------------------------------------------------------------------------------- * 1 * Taxation1h ago JOMO: MALAYSIA MAY NEED TO CONSIDER A “MODIFIED VAT” * * 2 * Energy3h ago TNB, PETRONAS IN TIE-UP TO ADVANCE HYDROGEN ECONOMY * * 3 * Property16h ago NEW DEVELOPMENT CAN SPUR ISKANDAR MALAYSIA’S PROPERTY... * * 4 * Property3h ago TAN WEE BEE NAMED NEW SUNSURIA GROUP CEO * * 5 * Corporate News3h ago OPCOM PROPOSES DIVERSIFICATION INTO POWER GENERATION... * * 6 * Corporate News16h ago TITIJAYA TO RECLAIM LAND IN PENANG * * 7 * Stock on the Move5h ago KGW MAKES ACE MARKET DEBUT AT 23 SEN/SHARE * * 8 * Forex6h ago RINGGIT OPENS FLAT VS DOLLAR, STRONGER AGAINST OTHER... * * 9 * Markets2h ago EVERGREEN MAX INKS UNDERWRITING AGREEMENT WITH... * * 10 * Markets4h ago FBM KLCI HOVERS NEAR 5-MONTH HIGH AS INVESTORS TURN TO... * MARKET SUMMARY -------------------------------------------------------------------------------- Quotes are delayed by at least 15 mins Updated: 01 Aug 2023|4:35 PM FBM KLCI 1450.17 -9.26 -0.64% Vol ('00) 36,407,065 FBMKLCI Day's Range Low 1449.02 High 1462.56 52 Weeks Range Low 1369.41 High 1528 Gainers303 Losers628 Unchanged416 Untraded918 Go to Market Watch MARKET MOVERS View More -------------------------------------------------------------------------------- * Active * Gainers * % Gainers * Losers * % Losers * SymbolOpenHighLowLastChg%ChgVol ('00)SAPNRG 0.040 0.050 0.035 0.040 0.00514.295,058,456 KGW 0.230 0.250 0.225 0.230 0.0209.521,735,853 HONGSENG 0.065 0.065 0.055 0.060 -0.005-7.691,603,433 KNM 0.100 0.110 0.090 0.090 -0.005-5.261,438,546 AT 0.010 0.015 0.005 0.010 0.0000.001,308,695 PESONA 0.175 0.210 0.170 0.170 -0.005-2.86707,274 KOMARK 0.045 0.045 0.035 0.040 -0.005-11.11669,525 REACH 0.030 0.040 0.030 0.035 0.0000.00622,837 UEMS 0.485 0.485 0.440 0.455 -0.025-5.21613,299 WIDAD 0.425 0.430 0.420 0.430 0.0102.38489,777 SCIB 0.435 0.445 0.430 0.440 0.0051.15404,531 CLASSITA-WC 0.015 0.020 0.010 0.015 0.0000.00363,812 ESCERAM-WB 0.085 0.090 0.065 0.075 -0.005-6.25363,477 HSI-CO3 0.305 0.320 0.245 0.255 -0.030-10.53329,323 HSI-COW 0.245 0.265 0.185 0.195 -0.030-13.33311,642 STARPICKS YOUR UNIVERSITY YEARS: THE FUTURE IS YOURS TO CREATE THERE is a saying that goes: “You are a product of your environment.” This speaks to the influence your surroundings have on your development and future success. Read More AIA INVESTS IN HEALTH AND HUMANITY Insurer empowers millions to live Healthier, Longer, Better Lives through education Read More ACKNOWLEDGING GERIATRIC CARE IMPORTANCE IN 2020, the World Bank concluded that rapid aging will be a crucial megatrend affecting Malaysia in the coming decades. Read More CENTRE TO TRAIN B40 TO BE MODERN AGROPRENEURS TO enhance employment and entrepreneurship opportunities for the B40 community, the Economy Ministry has launched the Pusat Program Inisiatif Pendapatan Rakyat (IPR) Inisiatif Usahawan Tani (INTAN) – starting with a collaboration with Universiti Putra Malaysia (UPM). Read More STEP INTO THE WORLD OF THE GLENLIVET WITH AN IMMERSIVE EXPERIENCE AT THE FIVE Get ready for nine days of whisky wonder at The Glenlivet Bothy Pop-up at The Five. Read More RHB AND SMG SUPPORT FOR SMES VIA #JOMSAPOT BELILOKAL TO SUPPORT small and medium-sized enterprises (SMEs) as they recover from the pandemic, RHB Bank Berhad and Star Media Group have rolled out the #JomSapot BeliLokal initiative. Read More NURTURING HOLISTIC EXCELLENCE: EXCEPTIONAL PASTORAL CARE PRE-UNIVERSITY courses are not just about academic reputation; a strong pastoral care system is essential for guiding students toward their educational goals and personal growth. Read More PNSB AND MGB LAUNCH THIRD PHASE OF RUMAH IDAMAN MBI PROJECT – IDAMAN CAHAYA PERMODALAN Negeri Selangor Berhad (PNSB), a subsidiary of the Selangor state government, under the supervision of Menteri Besar Incorporated (MBI), in partnership with MGB Berhad (MGB), a leading construction and property development solutions provider and subsidiary of LBS Bina Group Berhad (LBS), held a ceremony today for the groundbreaking of Idaman Cahaya, the third phase of the highly successful Rumah Idaman MBI project at Cahaya Alam in Shah Ala Read More PROGRAMME TO HELP B40 GROUP OBTAIN PUBLIC SERVICE VEHICLE LICENCE THE Transport Ministry, through the Road Transport Department (JPJ), has launched an initiative under Belanjawan Madani 2023 dubbed the MyPSV Programme which aims to help B40 groups in getting their public service vehicle licence. Read More UEM EDGENTA ADVANCES AS TECHNOLOGY-ENABLED, SUSTAINABILITY FOCUSED CITY ORCHESTRATOR KUALA LUMPUR: UEM Edgenta Berhad (UEM Edgenta), the region's leading asset management and infrastructure solutions company, recently concluded its annual month-long celebration – "Innovation Month" under the theme "Driving Technology, Advancing Sustainability". Read More Subscriptions * The Star Digital Access * Newsstand Advertising * Our Rate Card * Classifieds Company Info * About Us * Job Opportunities * Investor Relations Help * Contact Us * FAQs Policies * Privacy Statement * Terms & Conditions * * * * * * * * Copyright © 1995- 2023 Star Media Group Berhad [197101000523 (10894-D)] Best viewed on Chrome browsers. * Home * For You * Bookmark * Audio * Search Tuesday, 1 Aug 2023 00:00/01:01 All Headlines: FAHMI CONSIDERS SUING THOSE WHO ALLEGED HE GAVE POLITICAL SPEECH IN MOSQUE 1 min 1 sec Read GOVT TO LOOK INTO NEED TO ESTABLISH REGULATORY FRAMEWORK FOR AI TECHNOLOGY, SAYS FAHMI 1 min 9 sec Read OPCOM PROPOSES DIVERSIFICATION INTO POWER GENERATION VIA 49% STAKE PURCHASE IN TRANSGRID VENTURES 1 min 9 sec Read SC ISSUES GUIDELINES ON TECHNOLOGY RISK MANAGEMENT FOR CAPITAL MARKET ENTITIES 1 min 9 sec Read STATE POLLS: YOUNG VOTERS DIGITALLY SAVVY, UNDERSTAND THEIR DUTY, SAYS CARETAKER KELANTAN MB 1 min 7 sec Read TNB, PETRONAS IN TIE-UP TO ADVANCE HYDROGEN ECONOMY 1 min 13 sec Read AUSTRALIAN CENTRAL BANK HOLDS RATES STEADY FOR SECOND MONTH 1 min 25 sec Read HSBC LIFTS OUTLOOK, LAUNCHES US$2BIL BUYBACK AS PROFIT BEATS FORECASTS 1 min 12 sec Read PROPOSED SOSMA AMENDMENTS BEING STUDIED, SAYS RAMKARPAL 56 sec Read TAN WEE BEE NAMED NEW SUNSURIA GROUP CEO 58 sec Read WANT TO LISTEN TO FULL AUDIO? 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