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STANCHART LIFTS ANNUAL PROFIT OUTLOOK, SETS NEW US$1BIL SHARE BUYBACK

--------------------------------------------------------------------------------


 * Banking

 * Friday, 28 Jul 2023
   
   2:38 PM MYT
   


   RELATED NEWS
   
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   ON SEMICONDUCTOR FORECASTS ROBUST Q3 REVENUE ON SILICON...
   
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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.


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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.

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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.

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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



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RELATED NEWS

--------------------------------------------------------------------------------

Technology 19h ago


ON SEMICONDUCTOR FORECASTS ROBUST Q3 REVENUE ON SILICON...

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DEUTSCHE BANK Q2 PROFIT FALLS 27% ON INVESTMENT BANKING...

Technology 19h ago


AMAZON INVESTORS EYE REVENUE, CLOUD GROWTH AND RETAIL MARGINS...


RELATED NEWS

--------------------------------------------------------------------------------

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ON SEMICONDUCTOR FORECASTS ROBUST Q3 REVENUE ON SILICON...

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DEUTSCHE BANK Q2 PROFIT FALLS 27% ON INVESTMENT BANKING...

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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

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--------------------------------------------------------------------------------

 * Active
 * Gainers
 * % Gainers
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 * 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





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Tuesday, 1 Aug 2023



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