Investing.com– Asia-focused financial institution Normal Chartered PLC (HK:) (LON:) on Tuesday clocked a stronger-than-expected second-quarter revenue and in addition introduced a $1.5 billion buyback on power in its wealth administration unit and powerful web curiosity earnings.
The financial institution’s underlying revenue earlier than tax rose 14% to $1.83 billion within the three months to June 30, beating Bloomberg estimates for a revenue of $1.62 billion.
The robust revenue was backed by a web curiosity earnings of $2.6 billion, up 6% from final yr, Stanchart stated in a launch on the Hong Kong Inventory Alternate.
The robust earnings noticed the financial institution roll out a buyback of $1.5 billion, commencing instantly. The buyback follows a $1 billion buyback introduced through the second quarter, which was concluded just lately.
The financial institution flagged resilience in its credit score and wealth administration portfolios regardless of weaker credit score exercise in China and Hong Kong attributable to an prolonged property market stoop.
Stanchart upgraded its 2024 working earnings steering to development of greater than 7%, in comparison with prior forecasts of 5% to 7%. The lender maintained its web curiosity earnings outlook of between $10 billion to $10.25 billion.
The financial institution declared an interim dividend of 9 cents per share, up from the 6 cents declared final yr.