Across the year the bank took a $850 million impairment from its stake in Chinese lender Bohai Bank, based in Tianjin, as the downturn in the Chinese property market continued. This included a $153 million hit in Q4 2023.
Bill Winters, Standard Chartered’s group chief executive, said in a statement: “We produced strong results in 2023, continuing to demonstrate the value of our franchise and delivering our financial objective of a 10% RoTE for the year.”
He added: “We will now build on this success, taking action to deliver sustainably higher returns with a focus on driving income growth and improving operational leverage and targeting 12% RoTE in 2026. We have increased full year dividends, up 50%, and have announced a new $1bn share buyback, bringing our total shareholder distributions to $5.5 billion since January 2022. We will continue to actively manage the group’s capital position with a target to return at least $5 billion over the next three years.”
After tax profit for FY 2023 climbed 19% to $3.46 billion, compared with FY 2022.
¬ Haymarket Media Limited. All rights reserved.
