Standard Chartered PLC (LSE:STAN) has unveiled a further US$1.5 billion buyback after profit jumped by a fifth last year on record income.
Underlying pre-tax profit surged 20% to US$6.8 billion in the year to December 31, the bank reported Friday, on a 13% increase in operating income to US$19.7 billion.
Wealth solution income jumped 29% over the year and increased by 15% in both its global markets and global banking divisions.
Profit tumbled by 30% to US$800 million on a reported basis in the final quarter though, on the likes of higher impairment and restructuring costs.
Under such restructuring, Standard said it would cut chief executive Bill Winters’ salary by 40% but potentially award higher bonuses, possibly taking his pay to US$13.1 million.
Guidance was laid out for operating income growth to track towards the high end of a 5% to 7% range between 2023 and 2026, but for 2025’s increase to be below this.
A final US$0.28 per share dividend was also proposed to leave the final figure at US$0.37 and up 37% compared with a year ago.
“We produced a strong set of results in 2024,” Winters said.
“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.”