StanChart first-half pretax profit jumps 57per cent on improved economic situation

HONG KONG: Standard Chartered PLC posted a 57per cent rise in its first-half pretax profit, higher than expected, as the bank benefited from an economic recovery from the coronavirus pandemic.

Statutory pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, rose to US$2.55 billion in January-June from US$1.63 billion in the same period last year, the London-headquartered bank said in a stock exchange filing.

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The latest profit compared with the US$2.23 billion average of analyst estimates compiled by Standard Chartered.

(Reporting by Lawrence White in London and Alun John in Hong Kong; Editing by Muralikumar Anantharaman)