StanChart swings back to profit, shares rise 4 percent

LONDON, Aug 3(Reuters) - Standard Chartered (HKSE: 2888.HK - news) reported an underlying pretax profit for of $994 million in the six months to end-June, as cost-cutting measures saw the lender swing back to the black after a billion dollar loss in the second half of 2015.

Profits for the first half were down from $1.8 billion a year ago, amid growing economic uncertainty worldwide. The Asia-focused bank reported a 13 percent fall in expenses over the same period, as a tightened grip on costs under Chief Executive Bill Winters' took effect.

Echoing an earlier statement by HSBC, Standard Chartered said it would also defer its goal to reach a tangible return on equity of 8 percent by 2018, citing slowing global growth and lower interest rates.

The bank said its core capital ratio remained flat at 13.1 percent.

StanChart (HKSE: 2888-OL.HK - news) 's shares rose 4.1 percent in London to 611 pence by 0918 GMT following the results announcement.

(Reporting By Lawrence White, editing by Sinead Cruise)