StanChart's profit before tax jumps in H1 2021 on post-pandemic recovery, with Asia as main driver

Singapore

STANDARD Chartered (StanChart) saw its profit before tax surge in the first half of 2021, buoyed mostly by its performance in Asia even as income continued to slide on the back of falling global interest rates.

The Asia-focused bank, which is listed in both the United Kingdom and Hong Kong, posted a half-year statutory profit before tax of US$2.56 billion on Tuesday, up 57 per cent from a year ago, boosted in part by a release of US$67 million set aside for soured loans due to the pandemic.