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Standard Chartered Q4 Loss Narrows, Lifts Dividend; Sees Income Growth In FY22, Ahead

British bank Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) reported late Wednesday that its fourth-quarter loss before taxation was $208 million, narrower than last year's loss of $449 million.

Underlying profit before taxation was $139 million, compared to loss of $192 million a year ago. Underlying loss per share was 5.7 cents, compared to loss of 13.5 cents last year.

Operating income grew 5 percent to $3.31 billion from $3.15 billion a year ago. Operating income grew 6 percent at constant currency rates.

Underlying operating income increased 4 percent to $3.33 billion. Net interest income, meanwhile, declined 4 percent to $1.70 billion.

Further, the company said a final ordinary dividend per share of 9 cents has been proposed, resulting in a full-year dividend per share of 12 cents, up 33%, along with a share buy-back programme of $750 million, which will start imminently

Looking ahead, Andy Halford, Group Chief Financial Officer, said, "We have had a solid start to 2022 and we expect income to grow in the 5-7 percent range with mid-single digit asset growth and an increasing likelihood of some support from interest rates, which should help support margins particularly in the later part of the year."

The company now expects medium-term cost of risk to normalise between 30-35 basis points, slightly lower than previous medium-term guidance of 35-40 basis points.

Looking beyond 2022, the company expects to deliver a 10 percent return on tangible equity by 2024, and to deliver 8 to 10 percent income growth per annum between 2022 and 2024, with 5-7 percent from underlying business growth and a further 3 per cent from rising interest rates.

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