Standard Chartered first-quarter profit rises 10 percent, to launch up to $1 billion share buyback

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HONG KONG/LONDON (Reuters) – Standard Chartered posted on Tuesday a 10 percent rise in its first-quarter profit helped by a surge in corporate banking income and a drop in expenses, and announced an up to $1 billion share buyback program.

Pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, grew to $1.38 billion from $1.26 billion a year ago, the London-headquartered bank said in a stock exchange filing.

StanChart announced this month a $1 billion settlement with the United States to bring to a close a long-running probe into whether the bank continued to violate sanctions after 2007, when it said it would no longer do business with Iran.

Reporting by Sumeet Chatterjee and Lawrence White; Editing by Muralikumar AnantharamanOur Standards:The Thomson Reuters Trust Principles.

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