Standard Chartered unveils $1.5bn share buyback as profits beat estimates

Asia-focused bank Standard Chartered on Tuesday unveiled its biggest-ever share buyback and lifted guidance as interim earnings beat estimates.

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The company said it would buy back $1.5bn in shares starting immediately. Pre-tax profit for the first six months of the year rose 5% to $3.5bn, compared with average forecasts of $3.46bn.

StanChart said it now expects operating income to grow more than 7% at constant currency rates compared with a previous projection of between 5% - 7%.

Reporting by Frank Prenesti for Sharecast.com