Standard Chartered launches a share buyback program and raises its targets

Standard Chartered raised its performance targets, unveiled a $1 billion share buyback program and posted a 28 percent increase in annual profit after higher global interest rates boosted its lending revenue.

The bank said about 10 percent of its overall profit growth came from interest rates as central banks raised interest rates to combat inflation, allowing banks to charge higher fees to borrowers after nearly a decade of near-zero interest rates.

The bank, which focuses on Asia, Africa and the Middle East and has been the subject of takeover speculation linked to First Abu Dhabi Bank, announced that its latest share buyback program was about to begin.

The bank, which reaped most of its profits in Asia, made a pre-tax net profit of $4.3 billion in 2022, which was less than the $4.73 billion average forecast collected by analysts, but was the highest annual profit since 2013.