Standard Chartered Posts Record FY2024 Income of $19.7 Billion and Announces $1.5 Billion Buyback

Standard Chartered reported record income of $19.7 billion for the full year 2024, the bank disclosed in its annual results published on 21 February. Underlying profit before tax grew 20% year on year (21% at constant currency) to $6.8 billion, with return on tangible equity reaching 11.7%. Wealth Solutions (up 29% at constant currency) and Global Markets and Global Banking (each up 15%) were identified as the leading contributors to the record income total.

The group announced a new $1.5 billion share buyback programme alongside the results, adding to the $2.5 billion of buybacks announced during 2024 and taking total shareholder distributions announced since the full-year 2023 results to $4.9 billion. The full-year dividend was raised 37% to 37 cents per share, including a proposed final dividend of 28 cents, in line with the group's aim to increase the full-year dividend per share over time.

WEALTH AND TRANSACTION BANKING

Wealth management was cited as a key driver of the record income total.

Transaction Services income, by contrast, was broadly flat in 2024, although Securities & Prime Services income rose 12%.

CAPITAL POSITION

The Common Equity Tier 1 ratio was 14.2% at the year end. The 14.2% ratio sat above the group's 13-14% target range, and the new buyback is expected to reduce it by approximately 61 basis points.