SINGAPORE/LONDON (Reuters) – Standard Chartered’s annual pretax profit rose a lower-than-expected 28%, with rising revenue from global interest rate hikes offsetting the impact of credit impairment from bad loans
The Asia, Africa and Middle East-focused bank reported statutory pretax profit of $4.3 billion for 2022. That compared with the $4.73 billion average of analyst forecasts compiled by the bank and the $3.35 billion it made in 2021.
StanChart announced a new $1 billion share buyback that would start imminently.
The London-headquartered bank upgraded its performance forecast, saying it now expected to achieve a return on tangible equity, a key profitability metric, of 10% this year and 11% in 2024. It had previously targeted 10% for 2024.
(Reporting by Anshuman Daga and Lawrence White; Editing by Christopher Cushing)
