StanChart full-year profit rises 16%, misses estimates


HONG KONG: Standard Chartered reported on Tuesday that full-year pretax profit rose 16%, as robust global banking and strong wealth inflows boosted revenue at the emerging markets-focused lender.

StanChart, which earns most of its revenue in Asia and Africa, reported pretax profit for the full year of $6.96 billion. That compared with $6 billion a year earlier and the $7.2 billion average of 16 analyst estimates compiled by the bank.

It also announced a $1.5 billion share buyback that it said would start imminently. - Reuters

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