Standard Chartered raised its performance goals, unveiled a new $1 billion share buyback and produced a 28% rise in annual profit as global interest rate rises bolstered its lending revenues.
London-headquartered StanChart previously targeted 10% for 2024. Return on equity is a key profitability metric for banks.
StanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022, below the $4.73 billion average of analyst forecasts compiled by the bank but its highest annual return since 2013. It recorded a $582 million impairment for expected bad debts in the country's troubled real estate market, taking its overall impairment to a higher-than-expected $838 million.
, also restricted face-to face sales of wealth management products, contributing to a 17% drop in income at the unit as customers also became more risk averse.
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