HONG KONG/LONDON -Standard Chartered on Tuesday announced its largest-ever share buyback worth $1.5 billion and lifted its earnings outlook for this year betting on strong economic growth in its core Asian markets and plans to rein in costs.StanChart's statutory pre-tax profit for the first half rose 5% to $3.49 billion. That compared with $3.32 billion a year earlier and the $3.46 billion average of 15 analyst estimates compiled by the bank.
Asia-focused global banks including StanChart and rival HSBC have benefitted in recent years from higher interest rates and relatively higher economic growth and wealth generation in the region. "Global trade and investment will continue to grow and is expected to be anchored in Asia, Africa and the Middle East, and in Asia wealth creation is also expected to outpace that in the rest of world."
The property market recovery in China"remained slower than expected amidst government support measures", and the bank continues to monitor its portfolios, Stanchart's Chief Risk Officer Sadia Ricke said.
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