Standard Chartered's second-quarter profit rose 6.5% compared with the same period a year earlier, thanks to stronger interest income, as it announced a new $500m share buyback program.

The Asia-focused bank posted second-quarter underlying pretax profit of $1.32bn on 29 July. Operating income rose 6.5% to $3.93bn, driven by higher net-interest income as central banks increased interest rates aggressively to fight elevated inflation.