Profits at emerging markets-focused British lender Standard Chartered rose in 2024 with record income.
Underlying profit before tax at Standard Chartered rose 20 percent year-on-year to $6.8 billion, according to the bank’s financial results. Operating income grew 13 percent to a record $19.7 billion including a notable contribution from wealth solutions, which increased 29 percent to $2.5 billion. Expenses were up 6 percent to $11.8 billion, driven by business growth, targeted investments and inflation, partly offset by efficiency savings.
«We produced a strong set of results in 2024. Our strategy of combining differentiated cross-border capabilities for corporate and institutional clients with leading wealth management expertise for affluent clients is firing on all cylinders, driving an increase in return on tangible equity to 11.7 percent,» commented group CEO Bill Winters.
The bank also announced a $1.5 billion share buyback alongside a final dividend of 28 cents per share, bringing the total dividend distributed in 2024 to $4.9 billion.
