Standard Chartered announced a $1bn share buyback on Thursday, after its pre-tax profits rose less than analysts expected in the fourth quarter of last year.
The UK-based bank said profits before tax were $123mn in the final three months of 2022, an improvement after making a loss a year ago but far below analysts’ estimates of $571mn.
The bank suffered setbacks to its wealth management business, whose growth has been a priority for chief executive Bill Winters. Income from the division fell 19 per cent in the last quarter of 2022, which the bank blamed on “risk-averse customer sentiment and the impact of Covid-19 restrictions”.
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