StanChart sets $1.5 billion buyback after 18% rise in annual profit

StanChart sets .5 billion buyback after 18% rise in annual profit

Standard Chartered Plc bank branch in Hong Kong

Bloomberg | Bloomberg | Getty Images

Standard Chartered announced on Friday a $1.5 billion share buyback and a higher earnings target, after reporting its annual profit rose 18% 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.

The bank upgraded its 2026 return on tangible equity (RoTE) target to “approaching 13%” from the 12% estimated earlier.

Source

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