The buyback announcement sent Hong Kong-listed shares of the bank up more than 7 percent in afternoon trade on Tuesday, while the broader market was down 0.5 percent. Pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, grew to $1.38 billion in the January-March period from $1.26 billion a year ago, the London-headquartered bank said. In addition to the $900 million provision the bank made in 2018, it took a "further and final charge" of $186 million in the first quarter, StanChart said. A consortium led by StanChart is within the first group of four virtual banking licenses given by the Hong Kong regulator earlier this year. The new entrants plan to launch the online-only banking services in Hong Kong later this year.

Source: Mint April 30, 2019 05:04 UTC