Standard Chartered PLC unveiled plans for an up to $1 billion share buyback, its...
HONG KONG/LONDON - Standard Chartered PLC unveiled plans for an up to $1 billion share buyback, its first such in at least 20 years, and posted a 10 percent rise in quarterly profit, signaling the bank was seeing early success in its turnaround strategy.
The share repurchase plan comes after StanChart CEO Bill Winters unveiled in February ambitious plans to double return on tangible equity and dividends in three years by cutting $700 million in costs and boosting income. “We will maintain our strategic investment program and start to buy back $1 billion of our shares, reflecting our confidence in our ability to execute the strategy and create long-term shareholder value,” Winters said in the statement.
In addition to the $900 million provision the bank made in 2018, it took a “further and final charge” of $186 million in the first quarter, StanChart said. The performance was especially notable in a quarter where most U.S. and European investment banks’ trading arms have suffered badly, hit by lower market volatility which cut commissions from clients’ trading.
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