Standard Chartered beats Q2 profit estimates, announces $1.5 bln buyback
) on Tuesday clocked a stronger-than-expected second-quarter profit and also announced a $1.5 billion buyback on strength in its wealth management unit and strong net interest income.
The strong profit was backed by a net interest income of $2.6 billion, up 6% from last year, Stanchart said in a release on the Hong Kong Stock Exchange. The bank flagged resilience in its credit and wealth management portfolios despite weaker credit activity in China and Hong Kong due to an extended property market slump.
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