Shares of Standard Chartered (STANCHART) surged 5.03% in Hong Kong intraday trading, propelled by the lender's first-half profit beat, a new multi-billion dollar share buyback, and a significant dividend increase.

The London-headquartered, Asia-focused bank reported a 9% rise in first-half pretax profit to $4.78 billion, surpassing analyst estimates, driven by strong growth in its wealth and global banking businesses. Operating income reached a record $11.6 billion, while the Wealth Solutions unit saw a 38% surge in revenue. Alongside the robust earnings, the group announced a $1 billion share buyback program and raised its interim dividend by 66% to 20.4 cents per share, signaling strong confidence in its capital position and future trajectory.

The combination of better-than-expected financial results and enhanced shareholder returns through both the buyback and a higher dividend ignited a sharp rally in the stock, reversing earlier session weakness.