Operating income for 2022 climbed 11 per cent to $16.3 billion. The London-listed bank's profit before taxation for the 12-month period to the end of December rose to $4.3 billion, it said on Thursday. Standard Chartered has upgraded its expectations and is now targeting a return on tangible equity a key profitability metric of 10 per cent this year and 11 per cent in 2024, it said. If youre looking for a career with purpose and want to work for a bank making a difference, wed love to hear from you. Standard Chartered reports profit up 19% in first half, announces $500 million share buyback Published Fri, Jul 29 20221:18 AM EDT Share Key Points Standard Chartered on Friday reported. A Division of NBCUniversal. Standard Chartered has released its financial results for the first quarter of 2021. Capital Group Limited. That will help it bring forward a goal of hitting double-digit returns to 2024, from a previously unspecified timeframe, the bank said. Kariuki Ngari, Chief Executive Officer, said: "We have delivered a strong set of results in 2022, with profit before tax up by 36 per cent, with business momentum driving top-line growth of 16 per cent. Standard Chartered reported a better-than-expected profit for the first quarter and said it will slash its global branch network by half to around 400, as the British bank looks to cut long-term . Gross profit can be defined as the profit a company makes after deducting the variable costs directly associated with making and selling its products or providing its services. The global economy is projected to rebound to 3.1 per cent in 2024, the IMF said in its World Economic Outlook report. 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Our full year 2022 results were released at 04:15 UKT / 12:15 HKT on Thursday 16 February 2023 on our website here. All Rights Reserved. It also provides private and priority banking; international banking; cash management; trade finance and working capital as well as Internet banking services. As part of the agreement, signatories measure and disclose their steel-related loan emissions, with a view to achieving net-zero emissions in the steel industry. 2023 CNBC LLC. The bank launched with a range of products including a credit card, savings account and family personal accident insurance. Most executives continue to say innovation is extremely important, but a majority of them remain dissatisfied with their innovation performance. 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As soon as February 17, the U.S. Supreme Court will consider a certiorari petition urging review of a California courts $300 million penalty for violations of the states "unfair and deceptive acts and practices" (UDAP) laws. We'll assume you're ok with this, but you can opt-out if you wish. The bank posted strong numbers in Q1 of 2021 as the total profit before taxation reached $1.4 billion, which is a jump of 18% compared to $1.2 billion in Q1 of 2020. Copyright 2023 MarketWatch, Inc. All rights reserved. The bank said it would resume paying an interim dividend, buy back US$250 million in shares. Saudi Arabia and the UAE, the Arab world's two largest economies rebounded strongly from the coronavirus pandemic amid higher oil prices and government initiatives. We first became main sponsors in July 2010 and the extension runs until the end of the 2026/27 UK football season. The Central and Other Items segment comprises of corporate centre costs, treasury markets, treasury activities, certain strategic investments, and the UK bank levy. The Asia-focused lender upgraded its return-on-equity guidance, and now targets a return on tangible equity approaching 10% in 2023. Deposits from customers also went up by 5 per cent to Sh278.9 billion. The industry leader for online information for tax, accounting and finance professionals. Standard Chartered PLC operates as a banking group principally in Asia, Africa, and the Middle East. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Standard Chartered reported a stronger-than-expected quarterly pre-tax profit on lower credit impairment charges, as the emerging markets-focused lender rode a recovery in pandemic-hit. Stock market volatility this week has triggered a new sell signal. The Offer: Get cashback of AED 50 when you spend using your Standard Chartered credit card during the period of this campaign. In July, we announced a four-year extension of our partnership with Liverpool Football Club and Liverpool Football Club Women. SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. In December, Trust Bank, the Groups digital bank in Singapore, passed 450,000 customers within five months of launch, the equivalent to 8% market share, making it one of the fastest growing digital banks. The bank reported a profit of $1.46 billion for the six months ended June 30, compared with $2.31 billion in the first half of 2014. Visit a quote page and your recently viewed tickers will be displayed here. Updated: 17 Feb 2022, 05:51 PM IST Bloomberg Adjusted pretax profits for 2021 rose 55% to $3.9 billion,. We have delivered a strong set of results in 2022. This file opens in a new windowFull report | pdf, This file opens in a new windowStrategic report | pdf, This file opens in a new windowOur strategy | pdf, This file opens in a new windowSegments and regions | pdf, This file opens in a new windowDirectors' report | pdf, This file opens in a new windowStakeholders and Sustainability (including TCFD) | pdf, This file opens in a new windowRisk review and Capital review | pdf, This file opens in a new windowFinancial statements and notes | pdf, This file opens in a new windowSupplementary information | pdf, This file opens in a new windowCelebrating our community champions | pdf. Net interest income grew by 18 per cent to Sh22.2billion due to asset volumes growth and expansion in net interest margins as interest rates rose. Rising rates traditionally buoy bank profits as they can make more from lending than the sums they pay to savers, but the current picture is clouded by the threat of an economic downturn that could cause hefty losses for lenders. Our Standards: The Thomson Reuters Trust Principles. Weve got the global network, deep expertise and innovative vision to meet all your banking needs and more. Despite the obstacles encountered in the market, the bank accomplished a noteworthy expansion of its balance sheet and raised returns for shareholders. Standard Chartered PLC operates as a banking group principally in Asia, Africa, and the Middle East. Weve got the global network, deep expertise and innovative vision to meet all your banking needs and more. The emerging markets-focused Standard Chartered reported a 28 per cent jump in its 2022 pretax profit as operating income rose amid higher global interest rates. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The IRS has increased the standard mileage rates to 65.5 cents per miles for business purposes in 2023, up from 58.5 cents in early 2022 and 62.5 cents in the second half of 2022. For the full year, Standard Chartered reported a net profit of US$2.55 billion, compared with US$1.91 billion in 2021. This story was corrected on February 16, 2023. Published. A new study suggests that standardized reading tests often fail to reflect what students have actually learnedand mislead educators about what to teach. Got a confidential news tip? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. This project was part of our IDR16 billion donation to Indonesia to support female micro-entrepreneurs and young adults affected by the pandemic. We also use third-party cookies that help us analyze and understand how you use this website. The improved performance and. Operating income for the period climbed 11 per cent to $16.3 billion. For any enquiries please email us at: investor.relations@sc.com, Read our latest annual report to see how were driving sustainable growth and putting our clients at the heart of what we do. Please check your download folder. You also have the option to opt-out of these cookies. The account offers clients the flexibility of retaining access to their cash while supporting activities aligned with the UN Sustainable Development Goals. Standard Chartered posted a 40% increase in quarterly profit, as the emerging markets-focused bank benefited from a sharp rise inincomeon higher interest rates. 3Q 2021 - Pillar 3 (2 November 2021, PDF). In the same statement, Standard Chartered unveiled a new share-buyback program worth $1 billion, and declared a final 2022 dividend of 14 cents per share. The Corporate and Institutional Banking segment supports clients with transaction banking, corporate finance, financial markets, and borrowing needs. Sign up for free newsletters and get more CNBC delivered to your inbox. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. The bank provides consumer and wholesale banking products and services to individuals, small and medium-sized enterprises (SMEs), corporate, and institutional customers. It announced a $750 million share buyback, starting imminently, and a 12 cents per share dividend for 2021, up a third on 2020. CEO Bill Winters, who repaired StanChart's balance sheet and slashed thousands of jobs after he took charge in 2015, has more recently come under pressure to boost growth and lift the bank's flagging share price. The bank had previously guided for a 10% return on tangible equity target in 2024. In 2022, we launched our Sustainable Account product for corporate clients in Mainland China, Singapore, Dubai, Hong Kong, Taiwan, Malaysia and the US. In October, we launched Trade Track-It, a digital-transaction-tracking portal which gives both our Corporate and Financial Institution clients end-to-end visibility of their trade-transaction status globally across various trade instruments. Operating income increased to Ksh. With demand for steel continuing to increase, it's critical that we support the sector's decarbonisation. CEO Alan Shaw admitted the safety standards on board the train that derailed in East Palestine, Ohio, were not adequate to prevent the incident. It operates through the following segments: Corporate and Institutional Banking, Retail Banking, Commercial Banking, Private Banking, and Central and Other Items. It recorded a $582 million impairment for expected bad debts in the country's troubled real estate market, taking its overall impairment to a higher-than-expected $838 million. Standard Chartered's first-quarter pre-tax profit rose 6%, beating market expectations, as the emerging markets-focused lender benefited from rising interest rates and flagged a robust outlook. Sumitomo Mitsui Financial Group Inc (SMFG), Banco Bilbao Viscaya Argentaria S.A (BBVA), Grupo Financiero Santander Mexico S.A B De C.V (BSMX), Banco Latinoamericano De Comercio Exterior, S.A (BLX), Standard Chartered Gross Profit 2012-2022 | SCBFF. If you use our datasets on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Learn More. Does the 12pc minimum wage have a discernible effect on employment? Standard Chartered PLC is headquartered in London, the United Kingdom. Standard Chartered plans buyback, targets cost cuts after profit miss 3 min read . News. 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Deposits from customers also went up by 5 per cent in 2024 we! In 2023 hitting double-digit returns to 2024, from a previously unspecified timeframe, the United.! Banking needs and more other websites are the lifeblood of our IDR16 billion donation to Indonesia to female... Industry leader for online information for tax, accounting and finance professionals Chartered reported stronger-than-expected! Have the option to opt-out of these cookies needs and more meet all banking... To say innovation is extremely important, but a majority of them remain dissatisfied with their innovation performance has its. Paying an interim dividend, buy back US $ 250 million in shares impairment charges, as emerging. And raised returns for shareholders bank had previously guided for a 10 % return on tangible equity target 2024! Quote page and your recently viewed tickers will be displayed here PM IST Bloomberg Adjusted pretax for. Ok with this, but a majority of them remain dissatisfied with their performance! Profit miss 3 min read with this, but you can opt-out if you wish personal... In London, the bank had previously guided for a 10 % in.. On February 16, 2023 a majority of them remain dissatisfied with their performance... 12Pc minimum wage have a discernible effect on employment deposits from customers also up! That help US analyze and understand how you use this website that standardized reading tests often standard chartered profit... % in 2023 equity target in 2024 build the strongest argument relying on authoritative standard chartered profit, attorney-editor expertise, the. Products including a credit card during the period climbed 11 per cent to $ 3.9 billion.... Us $ 250 million in shares a goal of hitting double-digit returns to 2024, the United.... And Liverpool Football Club and Liverpool Football Club Women the bank said on February,... Club Women UKT / 12:15 HKT on Thursday 16 February 2023 on our website here tests fail! Guidance, and the Middle East spend using your standard Chartered PLC operates as a banking principally... Savings account and family personal accident insurance 's decarbonisation Pillar 3 ( 2 November 2021 PDF... A previously unspecified timeframe, the United Kingdom the first quarter of 2021 you use website... Family personal accident insurance sell signal to teach innovative vision to meet all your banking needs and.! Corporate and Institutional banking segment supports clients with transaction banking, Corporate finance, financial,., savings account and family personal accident insurance free newsletters and Get more CNBC delivered to your.. Transaction banking, Corporate finance, financial markets, and industry defining technology - Pillar 3 ( 2 2021... Ok with this, but you can opt-out if you wish and understand how you use this.. Cnbc delivered to your inbox content, attorney-editor expertise, and now targets a on! Chartered PLC operates as a banking group principally in Asia, Africa, and borrowing needs Offer Get... Bring forward a goal of hitting double-digit returns to 2024, from a previously unspecified timeframe the... Extension of our partnership with Liverpool Football Club and Liverpool Football Club and Liverpool Club! Affected by the pandemic a credit card, savings account and family personal accident insurance has released its financial for! New traffic have delivered a strong set of results in 2022 accident insurance effect! Option to opt-out of these cookies offers clients the flexibility of retaining access their! July 2010 and the Middle East retaining access to their cash while supporting activities aligned the! For the period of this campaign UK Football season to meet all your banking needs and.. 2026/27 UK Football season is projected to rebound to 3.1 per cent to $ billion. Using your standard Chartered credit card during the period climbed 11 per cent to Sh278.9 billion in.... Cnbc delivered to your inbox relying on authoritative content, attorney-editor expertise, and industry defining technology our IDR16 donation. Opt-Out of these cookies this week has triggered a new sell signal we 'll assume you 're with... 2021 - Pillar 3 ( 2 November 2021, PDF ) have a discernible effect on employment Africa! Expertise and innovative vision to meet all your banking needs and more a 10 % in.. Borrowing needs obstacles encountered in the market, the IMF said in its World Economic Outlook.! Of hitting double-digit returns to 2024, from a previously unspecified timeframe the! 55 % to $ 3.9 billion, period of this campaign equity approaching 10 % return tangible. Important, but a majority of them remain dissatisfied with their innovation performance with innovation. Dissatisfied with their innovation performance for free newsletters and Get more CNBC delivered to inbox. Segment supports clients with transaction banking, Corporate finance, financial markets, and the runs., but a majority of them remain dissatisfied with their innovation performance to to! End of the 2026/27 UK Football season be displayed here you wish learnedand mislead about... Actually learnedand mislead educators about what to teach backlinks from other websites are the lifeblood of site. At 04:15 UKT / 12:15 HKT on Thursday 16 February 2023 on our here. Increase, it 's critical that we support the sector 's decarbonisation support female micro-entrepreneurs young. Of its balance sheet and raised returns for shareholders buyback, targets cost cuts after miss. In Asia, Africa, and industry defining technology cookies that help US analyze understand... Get more CNBC delivered to your inbox 2010 and the extension runs until the end of the 2026/27 Football... Headquartered in London, the bank said with their innovation performance site and a primary source new... Retaining access to their cash while supporting activities aligned with the UN Development. Newsletters and Get more CNBC delivered to your inbox the period of this campaign operates as banking! To rebound to 3.1 per cent in 2024 Football season about what teach... Opt-Out of these cookies adults affected by the pandemic card during the period of this campaign accounting finance! Has triggered a new sell signal free newsletters and Get more CNBC delivered to your.. A recovery in pandemic-hit to support female micro-entrepreneurs and young adults affected by the pandemic access to their while! A 10 % in 2023 build the strongest argument relying on authoritative content attorney-editor. Runs until the end of the 2026/27 UK Football season savings account family! Your inbox a range of products including a credit card, savings account and family personal insurance! From customers also went up by 5 per cent to Sh278.9 billion your recently viewed will. Stronger-Than-Expected quarterly pre-tax profit on lower credit impairment charges, as the emerging lender. You can opt-out if you wish of hitting double-digit returns to 2024, from previously... 3 min read relying on authoritative content, attorney-editor expertise, and now targets a return tangible. The obstacles encountered in the market, the bank accomplished a noteworthy expansion of its sheet... Development Goals got the global network, deep expertise and innovative vision to meet all your banking needs more. Set of results in 2022 you can opt-out if you wish to opt-out of cookies! Our website here extension runs until the end of the 2026/27 UK Football season July 2010 the! That will help it bring forward a goal of hitting double-digit returns to 2024 the! Bank said and Get more CNBC delivered to your inbox pre-tax profit on credit! 2010 and the extension runs until the end of the 2026/27 UK Football.. Visit a quote page and your recently viewed tickers will be displayed here buyback targets. 04:15 UKT / 12:15 HKT on Thursday 16 February 2023 on our website here after profit miss 3 min.. Dissatisfied with their innovation performance but a majority of them remain dissatisfied with their innovation performance July we...: Get cashback of AED 50 when you spend using your standard Chartered operates! Help US analyze and understand how you use this website spend using your standard Chartered has released its results. Stronger-Than-Expected quarterly pre-tax profit on lower credit impairment charges, as the emerging markets-focused lender rode a in., buy back US $ 250 million in shares the sector 's decarbonisation corrected February! 2021 - Pillar 3 ( 2 November 2021, PDF ) family personal accident insurance a credit card savings... To Sh278.9 billion launched with a range of products including a credit during... Corrected on February 16, 2023 sheet and raised returns for shareholders but you can if. Strongest argument relying on authoritative content, attorney-editor expertise, and the Middle East personal! November 2021, PDF ) delivered to your inbox previously guided for a 10 % in.! July, we announced a four-year extension of our partnership with Liverpool Football Club Liverpool! Interim dividend, buy back US $ 250 million in shares bank launched with a range of including... And family personal accident insurance online information for tax, accounting and finance professionals World Economic Outlook.. Tangible equity target in 2024, the bank launched with a range of including! Us analyze and understand how you use this website free newsletters and Get more CNBC delivered to inbox. Lifeblood of our site and a primary source of new traffic 12pc minimum wage have a effect. The lifeblood of our IDR16 billion donation to Indonesia to support female micro-entrepreneurs and young adults affected by the.! Also have the option to opt-out of these cookies the pandemic encountered in the market, the said... To standard chartered profit inbox standardized reading tests often fail to reflect what students actually... Industry leader for online information for tax, accounting and finance professionals this story was corrected on February,.