First half profit rises 5, in line with forecasts
Bank upgrades 2024 income growth guidance to above 7
Costcutting plan to save 1.5 billion over 3 years

HONG KONGLONDON, July 30 Reuters Standard Chartered StanChart on Tuesday announced its largestever share buyback worth 1.5 billion and lifted its earnings outlook for this year, betting on strong economic growth in its core Asian markets and plans to rein in costs.

The bank39;s Hong Konglisted shares were up 4 after the results.

StanChart39;s statutory pretax profit for the first half climbed 5 to 3.49 billion, just ahead of a consensus estimate compiled by the bank.

The Londonheadquartered lender, which earns most of its revenue in Asia, now expects operating income to grow more than 7 on a constant currency basis compared with its previous projection of between 5 and 7.

Asiafocused global banks including StanChart and rival HSBC have benefited in recent years from higher interest rates and relatively stronger economic growth and wealth generation in the region.

We are uniquely positioned to take advantage of significant growth opportunities that will continue to come from the markets in our footprint, generating value for our clients, StanChart CEO Bill Winters said in a statement.

Global trade and investment will continue to grow and is expected to be anchored in Asia, Africa and the Middle East, and in Asia wealth creation is also expected to outpace that in the rest of world.

But in China, slowing…