StanChart's profit before tax jumps in H1 in post-pandemic recovery; Asia is main driver

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

The Asia-focused bank, which is listed in both UK 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.

In a press conference in Hong Kong, StanChart chief executive Bill Winters told reporters that the growth was driven by its performance in Asia, with "very encouraging" results in Hong Kong and China.