StanChart lowers income target

The bank reported 2023 statutory pre-tax profit rose to US$5.09bil. — Reuters

STANDARD Chartered Plc (StanChart) is rewarding shareholders with dividends and a fresh US$1bil buyback as profit rose 18%, but set out underwhelming growth forecasts that will concern investors amid worries about global banks’ exposure to China.

The bank reported 2023 statutory pre-tax profit rose to US$5.09bil, in line with forecasts, and announced a US$1bil share buyback and a jump in dividend yesterday.

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