SCB Announces $1.5 Billion Share Buyback, Raises Earnings Target
Standard Chartered (SCB) has announced a $1.5 billion share buyback and a higher earnings target. This follows a strong performance in 2024, with an 18% increase in annual profit.
The London-based bank reported a pretax profit of $6 billion for 2024, exceeding the $5.1 billion reported in the previous year. The result was slightly below analysts' estimates of $6.2 billion.
SCB also announced a final interim dividend of 28 cents per share.
The bank has upgraded its return on tangible equity (RoTE) target for 2026 to "approaching 13%," which is higher than the previous estimate of 12%.