StanChart sets $1.5 billion buyback after 18% rise in annual profit
The Standard Chartered bank logo is seen at its headquarters in London, Britain on Jul 26, 2022. (Photo: Reuters/Peter Nicholls)
HONG KONG : Standard Chartered announced on Friday a $1.5 billion share buyback and an earnings target that it retained, after reporting its annual profit rose 18 per cent on the back of record growth in its wealth business and strong markets performance.
The London-based bank reported pretax profit for 2024 of $6 billion, up from $5.1 billion the year before and slightly below the $6.2 billion average of analysts' forecasts as compiled by the bank.
StanChart also announced a final interim dividend of 28 cents per share.
It said return on tangible equity (RoTE) was on track to approach the 13 per cent target in 2026.
(This story has been corrected to show that the bank kept its earnings target unchanged and did not increase it, in paragraphs 1 and 4)
