April 30, 2019 / 4:31 AM / 25 days ago

StanChart Q1 profit rises 10 pct, to launch up to $1 bln share buyback

HONG KONG/LONDON, April 30 (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 Anantharaman)

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