Standard Chartered Reports 12% Rise in Profit Before Tax, EPS Up 19%
Standard Chartered plc reported a 12% rise in profit before tax to $2.3 billion and a 19% increase in earnings per share. The Corporate & Institutional Banking division's income rose 4% to $3.3 billion, while Wealth & Retail Banking saw a 12% increase to $2.1 billion. The bank announced a 37% increase in its full-year dividend for 2024, totaling 37 cents per share, and plans to distribute at least $8 billion to shareholders by 2026. Standard Chartered remains confident in its strategy amid geopolitical uncertainties.
Standard Chartered plc reported a profit before tax of $2.3 billion for the recent quarter, marking a 12% increase compared to the same period last year. Earnings per share also saw a rise of 19%. The bank's Corporate & Institutional Banking (CIB) division reported income of $3.3 billion, up 4%, while Wealth & Retail Banking (WRB) saw a 12% increase in first-quarter income, reaching $2.1 billion. The bank highlighted its strong performance across Wealth Solutions, Global Markets, and Global Banking, contributing to a 7% year-on-year increase in income in constant currency. Additionally, Standard Chartered announced a 37% increase in its full-year dividend for 2024, at 37 cents per share. Since their full-year 2023 results, the bank has committed to shareholder distributions totaling $4.9 billion, with a target of at least $8 billion by 2026. Standard Chartered expressed confidence in its business model and strategy, despite current geopolitical uncertainties. The bank emphasized its robust network, which is not overly dependent on any single bi-lateral trade relationship, as a strategic advantage in facing potential global economic challenges.
