Standard Chartered announced a $1bn share buyback on Friday after the bank’s pre-tax profits rose in the fourth quarter of last year.
The UK-based lender said statutory pre-tax profits for the final three months of 2023 reached $1.1bn, in line with analysts’ expectations. The figure for the full year was up 19 per cent to $5.1bn.
Chief executive Bill Winters said the emerging markets-focused bank aims to return at least $5bn to shareholders over the next three years and would take “action to deliver sustainably higher returns”.
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