StanChart Q1 profit rises 10%, to launch up to $1 billion share buyback

Hong Kong/London: Standard Chartered posted on Tuesday a 10% rise in its first-quarter profit helped by a surge in corporate banking income and a drop in expenses, and announced an up to $1 billion share buyback programme.

Pretax profit for StanChart, which focuses on Asia, Africa and West Asia, grew to $1.38 billion from $1.26 billion a year ago, the London-headquartered bank said in a stock exchange filing.

StanChart announced this month a $1 billion settlement with the US to bring to a close a long-running probe into whether the bank continued to violate sanctions after 2007, when it said it would no longer do business with Iran.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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