SINGAPORE/LONDON :Standard Chartered raised a key performance metric and unveiled a new $1 billion share buyback program on Thursday, after reporting a 28 per cent rise in annual pretax profit as global interest rate hikes boosted its lending revenue.StanChart's performance, like that of global peers, was aid
SINGAPORE/LONDON :Standard Chartered raised a key performance metric and unveiled a new $1 billion share buyback program on Thursday, after reporting a 28 per cent rise in annual pretax profit as global interest rate hikes boosted its lending revenue.
"We are upgrading our expectations, and are now targeting a return on tangible equity approaching 10 per cent in 2023, to exceed 11 per cent in 2024, and to continue to grow thereafter," Chief Executive Bill Winters said in a statement. Still, StanChart shares are about 25 per cent below the levels when Winters took charge in June 2015, whereas shares of peer HSBC Holdings are flat and the benchmark FTSE index has risen about 15 per cent.
While StanChart's results were better than some rivals, mixed performance from key business lines highlighted the work Winters, the longest-running chief of a major European bank, has yet to do to.
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