Staff Reporter
Standard Chartered has unveiled a $1.5 billion share buyback following an impressive 18% rise in its annual profit. The London-based bank attributed this growth to record expansion in its wealth management sector and robust performance in global markets.
For the fiscal year 2024, Standard Chartered reported a pretax profit of $6 billion, marking an increase from $5.1 billion in the previous year. This figure, however, fell slightly short of analysts’ expectations, which averaged around $6.2 billion.
In addition to the buyback, Standard Chartered declared a final interim dividend of 28 cents per share. The bank also revised its 2026 return on tangible equity (RoTE) target, now aiming for “approaching 13%” compared to the previously estimated 12%.
“Our strategy of combining differentiated cross-border capabilities for corporate and institutional clients with leading wealth-management expertise for affluent clients is firing on all cylinders,” stated CEO Bill Winters in the announcement.
The wealth management division reported a notable 29% growth, contributing to a record income of $19.7 billion. Winters also highlighted double-digit growth in both global markets and global banking, indicating strong momentum as the bank moves further into 2025.
