Standard Chartered PLC (HKEX: 02888) shares turned sharply higher in the afternoon session, rising more than 5%. The stock was last seen trading up 4.58% at HKD 233, with turnover reaching HKD 402 million.

The surge came after the bank released its financial results for the second quarter and first half of the year. In Q2, operating income increased by 3% to USD 5.7 billion, while underlying profit before tax rose by 2% to USD 2.3 billion.

The Group announced a new USD 1 billion share buyback program, which is expected to reduce its Common Equity Tier 1 (CET1) ratio by 38 basis points. The interim ordinary dividend per share was raised by 66% to 20.4 cents.

For the first half of 2024, Standard Chartered achieved record operating income of USD 11.6 billion, a 6% increase year-on-year. Excluding the impact of the Solv India transaction, the growth rate was 8%. Net interest income rose 4% to USD 5.7 billion, while non-interest income grew 8% to USD 5.9 billion.