Standard Chartered announced a $1.5 billion share buyback on Friday alongside an upgraded earnings target, following an 18% surge in annual profit, Reuters reported.
The bank attributed the strong performance to record growth in its wealth management division and robust market activity.
The London-based lender reported a pre-tax profit of $6 billion for 2024, marking an increase from $5.1 billion the previous year.
However, the results fell slightly short of analysts’ expectations, which had averaged $6.2 billion, according to estimates compiled by the bank.
As part of its shareholder returns strategy, StanChart declared a final interim dividend of 28 cents per share.
Additionally, the bank revised its 2026 return on tangible equity (RoTE) target to nearly 13%, up from its previous estimate of 12%, signaling confidence in future profitability.
(This is a developing story. Stay tuned for more updates soon.)
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