StanChart upgrades forecast, unveils $1 billion buyback after profit jumps 28%
SINGAPORE/LONDON : Standard Chartered raised a key performance metric and announced a new $1 billion share buyback on Thursday after posting a 28 per cent 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. The United Arab Emirates' biggest lender last week said it was not currently evaluating an offer for the bank, having previously acknowledged it had at one time worked on a potential bid.
StanChart's financial markets trading business reported record income, up 21 per cent, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022.
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StanChart upgrades forecast, unveils $1 billion buyback after profit jumps 28%SINGAPORE/LONDON :Standard Chartered raised a key performance metric and announced a new $1 billion share buyback on Thursday after posting a 28 per cent rise in annual pretax profit as global interest rate hikes boosted its lending revenue.The Asia, Africa and Middle East-focused bank reported statutory pret
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