AdvertisementAdvertisementBusiness29 Jul 2026 12:23PM (Updated: 29 Jul 2026 01:11PM) Bookmark Bookmark WhatsApp Telegram Facebook Twitter Email LinkedInAdd CNA as a trusted source to help Google better understand and surface our content in search results.Read a summary of this article on FAST.Get bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST HONG KONG/LONDON, July 29 : Standard Chartered reported on Wednesday a better-than-expected 9 per cent rise in first-half pretax profit and lifted its full-year income target, as wealth and global banking revenue surged and credit charges tied to the Iran war held steady.The bank's Hong Kong-traded shares rose more than 5 per cent after the earnings release to hit an almost 19-year high.StanChart, which earns most of its revenue in Asia and Africa, said that pretax profit for the first six months of this year reached $4.78 billion. That compared with $4.38 billion a year earlier and the $4.52 billion average of 16 analyst estimates compiled by the bank. The bank revised its guidance for the year, saying it would see income growth around the middle of a 5-7 per cent range instead of previous guidance for it to be closer to the bottom.Show MoreShow LessWealth management income jumped 38 per cent, driven by double-digit growth in investment products as inflows and the number of new accounts increased amid strong demand for wealth advice during a period of market volatility."Clients continue to turn to us to facilitate trade, investment and wealth flows across the world's most dynamic markets," Group Chief Executive Bill Winters said in a statement.StanChart said its Middle East portfolio represents 6 per cent of overall exposures, and that it had remained broadly stable.The lender took a $44 million additional impairment in the second quarter, which it said partly reflected clients in the petrochemical sector showing early signs of distress.It set aside $190 million as precautionary management overlays in April against expected future losses.StanChart announced a $1 billion share buyback, along with an interim dividend of 20.4 cents per share, up from 12 cents the year before.Source: ReutersNewsletterWeek in ReviewSubscribe to our Chief Editor’s Week in ReviewOur chief editor shares analysis and picks of the week's biggest news every Saturday.Sign up for our newslettersGet our pick of top stories and thought-provoking articles in your inboxSubscribe hereGet the CNA appStay updated with notifications for breaking news and our best storiesDownload hereGet WhatsApp alertsJoin our channel for the top reads for the day on your preferred chat appJoin hereAlso worth readingContent is loading...Expand to read the full storyGet bite-sized news via a newcards interface. Give it a try.Click here to return to FAST Tap here to return to FASTFAST