Finance
StanChart sets $1.5 billion buyback after 18% rise in annual profit
StanChart sets $1.5 billion buyback after 18% rise in annual profit
Published by Global Banking and Finance Review
Posted on February 21, 2025
HONG KONG (Reuters) - 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.
(Reporting by Selena Li; Editing by Muralikumar Anantharaman)
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