StanChart upgrades forecast, unveils $1 bln buyback after profit jumps 28%
Standard Chartered (STAN.L) raised a key performance metric and announced a new $1 billion share buyback on Thursday after posting a 28% rise in annual pretax profit as global interest rate hikes boosted its lending revenue.
The Asia, Africa and Middle East-focused bank reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021.
StanChart announced a new $1 billion share buyback that would start imminently.
The London-headquartered bank upgraded its performance forecast, saying it now expected to achieve a return on tangible equity – a key profitability metric – of 10% this year and 11% in 2024. It had previously targeted 10% for 2024.
StanChart reported earnings following a burst of renewed takeover speculation after First Abu Dhabi Bank PJSC (FAB.AD) rejected media reports that it was currently eyeing a bid for StanChart.
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