Standard Chartered Announces $1B Buyback As Profit Beats Estimates
Portfolio Pulse from Benzinga Neuro
Standard Chartered Plc (OTC:SCBFF) announced a $1 billion buyback and a final dividend of 21 cents a share after reporting a 63% increase in fourth-quarter adjusted pretax profit to $1.06 billion, beating estimates. The bank launched a 'Fit for Growth' program aiming to save $1.5 billion over three years, despite facing challenges in China and a significant stock value drop after its third-quarter earnings report.
February 23, 2024 | 7:23 am
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Standard Chartered announced a $1 billion buyback and a significant increase in dividends after surpassing profit estimates, alongside launching a cost-saving program.
The announcement of a $1 billion buyback and a dividend increase, following a strong financial performance, is likely to be viewed positively by investors, potentially leading to a short-term increase in stock price. The launch of the 'Fit for Growth' program, despite the challenges in China, shows a strategic move to enhance operational efficiency and shareholder returns, further supporting the positive outlook.
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