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StanChart first-half profit up 93 percent, says no dividends yet

  • The bank reported underlying loan impairments of $583 million for the first half
  • The bank said its core capital ratio rose to 13.8 percent on improving profits
The Standard Chartered Plc logo
Jerome Favre | Bloomberg | Getty Images
The Standard Chartered Plc logo

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.