StanChart announces $1 billion buyback after Q4 results beat market estimates

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What to do if you have a Paytm UPI handle? RBI advises this Bill Winters, the Chief Executive Officer who has been with the company for nearly nine years, has been actively seeking methods to enhance returns for shareholders and revitalize the stock, which has declined by over 15% in the last year. During a press conference on Friday, he candidly referred to the share price as "poor," emphasizing his commitment to altering the market's perception of the bank.

“We’re not happy with the share price at all," Winters was quoted as saying by Bloomberg. He further said, "The market has a sense that it’s hard to get things done at Standard Chartered and this Fit for Growth program is going to tackle that head on." Standard Chartered reported a significant increase in its adjusted pretax profit, soaring by 63% to $1.06 billion for the three months ending in December, surpassing the estimated $989.6 million.

Also read: Zee Ent forms independent advisory committee headed by ex-HC judge amid negative public opinion The bank announced a final dividend of 21 cents per share, marking a 50 percent increase in the full-year payout. Additionally, it revealed new strategic targets, aiming for a 12 percent return on tangible equity by 2026 and anticipating a growth in operating income between 5 percent to 7 percent for the years 2024 to 2026.

According to Bloomberg report, Standard Chartered shares have performed poorly in recent months and are almost 40% below the level they were when Winters joined the bank in June 2015, despite its exposure to some of the world’s fastest growing markets in Asia, Africa and the Middle East. Standard Chartered reported a decrease in profits during the third quarter, attributed to charges linked to