Standard Chartered on Friday reported 2023 pre-tax profit rose 18%, in line with forecasts, and rewarded shareholders with a $1 billion share buyback and a jump in dividend.
StanChart , which earns most of its revenue in Asia, said statutory pretax profit for 2023 reached $5.09 billion, in line with $5.1 billion from 15 analyst estimates compiled by the bank.
A fresh $150 million writedown of its stake in Bohai Bank, following a $700 million hit earlier this year, reduced its value to $700 million from $1.5 billion at the start of the year.
StanChart said banking industry challenges and the uncertainty swirling around the property market were to blame for the decline in the stake's current value.
The London-headquartered lender also announced a final dividend of $560 million or 21 cents per share, resulting in a 50% increase of full year dividend payout to 27 cents, greater than a consensus view of 23.7 cents.
Persons:
StanChart
Organizations:
Bohai Bank
Locations:
Asia, Bohai, China, Bohai Bank, London