CORRECTED-UPDATE 1-StanChart sets $1.5 bln buyback after 18% rise in annual profit

Reuters

Feb 21, 2025

Corrects paragraphs 1 and 4 to show the bank kept its earnings target unchanged and did not increase it

HONG KONG, Feb 21 (Reuters) - Standard Chartered STAN.L announced on Friday a $1.5 billion share buyback and an earnings target that it retained, after reporting its annual profit rose 18% on the back of record growth in its wealth business and strong markets performance.

The London-based bank reported pretax profit for 2024 of $6 billion, up from $5.1 billion the year before and slightly below the $6.2 billion average of analysts' forecasts as compiled by the bank.

StanChart also announced a final interim dividend of 28 cents per share.

It said return on tangible equity (RoTE) was on track to approach the 13% target in 2026.

(Reporting by Selena Li; Editing by Muralikumar Anantharaman)

((Selena.Li@thomsonreuters.com; +852 39525868;))

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