StockMarketWire.com - Banking group Standard Chartered booked a 57% rise in first-half profit in reinstated its interim dividend, as a drop off in credit impairments more than offset a fall in revenue.

Pre-tax profit for the six months through June increased to $2.56 billion, up from $1.63 billion year-on-year, even as operating income fell 5% to $762 billion.

Return on tangible equity improved by 330 basis points to 9.3%.

Standard Chartered resumed its interim dividend at 3c per share and said it would immediately start a $250 million share buyback.

Looking forward, the company said it still expected full-year income to be similar to that achieved year-on-year on a constant currency basis.

It also still expected to return to medium-term guidance of 5-7% income growth from the 2022 financial year.

'I am encouraged by our positive performance in the first half of 2021 despite an uneven recovery from Covid-19,' chief executive Bill Winters said.

'We are more confident in achieving our return on tangible equity targets and we are pleased to announce today an additional share buy-back programme together with the resumption of our interim dividend payment.'

Story provided by StockMarketWire.com