Standard Chartered Posts Pre-tax Profit In Q4; Plans $1 Bln Share Buyback; Sees Income Growth Ahead

British bank Standard Chartered Plc (SCBFF.PK,STAC.L,STAN.L) reported Thursday that its fourth-quarter profit before taxation was $123 million, compared to last year's loss of $208 million.

On an after tax basis, the company recorded a loss of $264 million or 10.1 cents per share, narrower than loss of $382 million or 14.9 cents per share a year ago.

Underlying profit before taxation was $529 million, compared to $439 million last year. Underlying earnings per share were 3.9 cents, compared to 4.1 cents a year earlier.

Statutory operating income grew 14 percent to $3.76 billion from $3.31 billion last year. Underlying operating income increased 12 percent year-over-year to $3.74 billion.

Net interest income climbed 19 percent on a reported basis and 28 percent at constant currency rates to $2.02 billion.

Looking ahead for fiscal 2023 and 2024, the company now expects income to grow in the 8 percent to 10 percent range excluding DVA and at constant currency.

Further, Standard Chartered upgraded expectations, and are now targeting a return on tangible equity approaching 10 percent in 2023, to exceed 11 percent in 2024, and to continue to grow thereafter.

Bill Winters, Group Chief Executive, said, "We are also announcing a new $1bn share buy-back, and a final dividend of 14 cents per share, taking total shareholder distributions announced since the start of 2022 to $2.8bn, more than half the three year $5bn target we set ourselves by 2024."

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Elon Musk's brain implant firm Neuralink said it has received approval from the U.S. Food and Drug Administration to conduct first-in-human clinical trials. In a tweet, Neuralink said, "We are excited to share that we have received the FDA's approval to launch our first-in-human clinical study! T.W. Garner Food Co. is recalling 50,688 bottles of 12 oz. Texas Pete Buffalo Wing Sauce citing undeclared soy, the U.S. Food and Drug Administration said. The agency noted that some of the bottles may contain Texas Pete Extra Mild Wing Sauce which contains soy. The recall involves Texas Pete Buffalo Wing Sauce with best used by 120623T 065239 UPC 0 75500 10011 6. The U.S. Food and Drug Administration approved Pfizer Inc's COVID-19 oral antiviral pill Paxlovid for the treatment of mild-to-moderate COVID-19 in adults. Paxlovid is the first oral treatment, and the fourth drug, approved by the agency to treat COVID-19 in adults. Paxlovid (nirmatrelvir tablets and ritonavir tablets, co-packaged for oral use) has been approved to treat adults who are at high...
Follow RTT