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.