SCBFF - Standard Chartered Announces $1B Buyback As Profit Beats Estimates | Benzinga
In a bid to boost shareholder returns, Standard Chartered Plc (OTC:SCBFF) has declared a $1 billion buyback after reporting fourth-quarter profits that surpassed analyst projections.
What Happened: The London-based bank, which focuses on emerging markets, has unveiled a new program, “Fit for Growth,” that is expected to save approximately $1.5 billion in expenses over the next three years. However, it will also add a similar amount to costs for permanent organizational changes, as per a Bloomberg report.
The bank’s CEO, Bill Winters, who has been with the group for nearly nine years, is striving to enhance returns for investors and revitalize the stock, which has dipped by over 20% in the past year.
The bank reported a 63% increase in fourth-quarter adjusted pretax profit to $1.06 billion, surpassing the estimated $989.6 million. It also announced a final dividend of 21 cents a share, marking a 50% increase in the full-year payout. The bank has set new targets, aiming for a 12% return on tangible equity in 2026 and a 5% to 7% rise in operating income from 2024 to 2026.
"I am acutely aware of the underperformance of our share price in recent months, which I believe does ...