Stock Market

StanChart to repurchase $1 billion in shares as full year profit increases by 18%.

Standard Chartered Reports 18% Rise in 2023 Pre-Tax Profit

Share Buyback and Profit Increase

Standard Chartered PLC announced a pre-tax profit increase of 18% in 2023, meeting expectations. The company also revealed a $1 billion share buyback, rewarding its shareholders.

Revenue Breakdown and Analyst Estimates

With most of its revenue coming from Asia, StanChart reported a statutory pre-tax profit of $5.09 billion for 2023, aligning with the $5.1 billion average from 15 analyst estimates.

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Impairment and Future Performance

The bank attributed a $850 million impairment to its stake in Chinese lender Bohai Bank, largely due to increasing bad loans in the country’s slowing economy. StanChart also provided cautious guidance for the future, expecting income to grow between 5-7% from 2024 to 2026, down from the 10% growth seen in 2023.

Profitability and Future Goals

Furthermore, the bank aims to steadily increase its return on tangible equity from the current 10% to 12% by 2026, emphasizing a commitment to improving its profitability metrics.

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