StanChart announces $1 bln share buyback as full year profit rises 18%

China Bohai Bank

23/02/2024 04:29

HONG KONG/LONDON, Feb 23 (Reuters) - Standard Chartered
PLC  STAN.L  on Friday reported 2023 pre-tax profit rose 18%, in
line with forecasts, and rewarded shareholders with a $1 billion
share buyback.
    StanChart  0288.HK , which earns most of its revenue in
Asia, said statutory pretax profit for 2023 reached $5.09
billion, in line with $5.1 billion from 15 analyst estimates
compiled by the bank.
    The bank took a $850 million impairment mainly from its
stake in Chinese lender Bohai Bank  9668.HK , its second time
writing down the value of the unit as the lender was hit by
increasing bad loans as growth in the world's second-largest
economy sputtered. 
    The bank set out restrained new guidance on its future
performance, saying it expected income to grow 5-7% between 2024
and 2026, as against 10% growth in 2023. 
    The lender said it would aim to increase return on tangible
equity, a key profitability metric, 'steadily' from the current
level of 10% to 12% by 2026. 
  

 (Reporting by Selena Li in Hong Kong and Lawrence White in
London; Editing by Kim Coghill)
 ((Selena.Li@thomsonreuters.com; +852 39525868;))