Standard Chartered reported its underlying pretax profit for the six months to end-June rose 93 percent to $1.8 billion, as the bank’s revenues continued to stabilize following two years of hefty restructuring and losses.
The bank reported underlying loan impairments of $583 million for the first half, down from $1.1 billion in the same period a year ago. The metric is closely watched by investors in the Asia-focused lender, which has suffered a glut of bad debts in recent years following over-exuberant lending.
The bank said its core capital ratio, a key measure of financial strength, rose to 13.8 percent on improving profits.
Standard Chartered shares fell 1 percent in London immediately following the results announcement.
The bank said it would not resume paying dividends, as some investors had
hoped for following its improved profits and capital position.
StanChart first-half profit up 93 percent, says no dividends yet