LONDON - Standard Chartered (LON:STAN) PLC (OTC:SCBFF) announced a robust financial performance for the year 2024 and the first quarter of 2025 at its Annual General Meeting today. The bank reported a record income of $19.7 billion, marking a 12% increase on a constant currency basis from the previous year, and the highest profitability in a decade. This surge was attributed to a very strong showing in the Wealth business and double-digit growth in Global Banking and Global Markets within the Corporate and Investment Bank.
The bank’s Return on Tangible Equity (RoTE) reached double digits at 11.7%, and a 37% hike in the full-year dividend for 2024 was announced, amounting to 37 cents per share. Standard Chartered has also committed to total shareholder distributions of $4.9 billion since the full-year 2023 results, aiming to hit at least $8 billion by 2026.
The first quarter of 2025 continued this positive trend, with a 7% year-on-year income increase in constant currency and a 19% rise in earnings per share. The bank’s share price reflected this growth, climbing 35% since the last AGM, closing at £10.46 the day before the meeting.
Group Chairman José Viñals highlighted the bank’s strategic focus on cross-border opportunities through corporate and investment banking, as well as serving the affluent segment through wealth management. This strategy has necessitated business model adjustments, including exiting some markets and reshaping to prioritize the development of affluent and international banking clients.
Sustainability remains a strategic priority, with the bank’s sustainable finance business contributing $982 million in income for 2024, nearing the 2025 target of $1 billion. Viñals also underscored the bank’s commitment to achieving net zero in Scope 1 and 2 emissions by 2025, with progress outlined in the Group’s inaugural Transition Plan.
Group Chief Executive Bill Winters expressed confidence in the bank’s strategy and resilience amidst global uncertainties and geopolitical developments. He emphasized the bank’s distinctive network, not overly reliant on any single bilateral trade relationship, and its ability to facilitate the flow of goods and services for clients across diverse sectors.
The bank’s outlook remains positive, with Winters asserting that Standard Chartered is well-positioned to face current headwinds and capitalize on opportunities in dynamic markets. The bank’s association with Liverpool Football Club, which recently won the Premier League title, was also celebrated as a symbol of shared strength.
This report is based on a press release statement from Standard Chartered PLC.
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