Standard Chartered down the buyback route again

Standard Chartered (STAN) booked half-year revenues of $4.6bn (£3.7bn), which beat consensus on the back of rising interest rates and a record performance for the investment bank’s trading unit. An increasingly hawkish stance from the US Federal Reserve and other central banks fed through to a one-third increase in net interest income to $2.4bn, while other income streams increased by 15 per cent to $2.1bn. Shareholders will also feel encouraged by the three percentage point increase in return on tangible equity (ROTE) to 12 per cent.