26th Feb 2024 12:22
Standard Chartered PLC - London-based, Asia-focused bank - Begins buyback of shares. Plans to buy back up to USD1 billion in shares. The purpose of the buyback is to reduce the company's outstanding shares and will close by August 23.
The buyback was announced last Friday, alongside full-year results. It said it plans to return "at least" USD5 billion to shareholders over 2024 to 2026.
In 2023, StanChart brought in operating income of USD18.02 billion, a 10% increase from USD16.32 billion a year before. Net interest income increased 2.4% to USD7.77 billion from USD7.59 billion, while non-NII jumped 17% to USD10.25 billion from USD8.73 billion. Pretax profit increased 19% to USD5.09 billion from USD4.29 billion, but fell short of company-compiled consensus of USD5.12 billion. Net interest margin came in at 1.67% - a touch above consensus expectations of 1.66% - and improved from 1.41% in 2022. Its underlying return on tangible equity improved to 10.1% from 7.7%.
Current stock price: 649.20 pence, up 2.2% on Monday
12-month change: down 18%
By Sophie Rose, Alliance News senior reporter
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