|
Standard Chartered PLC - London-based, Asia-focused bank - Begins buyback of shares. Plans to buy back up to $1 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’ $5 billion to shareholders over 2024 to 2026. In 2023, StanChart brought in operating income of $18.02 billion, a 10% increase from $16.32 billion a year before. Net interest income increased 2.4% to $7.77 billion from $7.59 billion, while non-NII jumped 17% to $10.25 billion from $8.73 billion. Pretax profit increased 19% to $5.09 billion from $4.29 billion, but fell short of company-compiled consensus of $5.12 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% Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
