Full Year 2024 Standard Chartered PLC Earnings Call Transcript
Key Points
- Standard Chartered PLC (SCBFF) achieved a return on tangible equity of 11.7% in 2024, up 160 basis points year-on-year.
- The company reported record income of $19.7 billion, with strong performances in Wealth Solutions and double-digit growth in Global Markets and Banking.
- A 37% increase in full-year dividend per share was announced, along with a new $1.5 billion share buyback.
- The Fit for Growth program is progressing well, achieving $200 million in annualized savings from executed projects in 2024.
- The company is on track to meet its target of at least $8 billion in shareholder distributions by 2026.
- Operating expenses increased by 7% in 2024, with credit impairment rising by 5% to $557 million.
- A $561 million write-off of software assets was recorded, impacting the company's financials.
- Restructuring charges amounted to $441 million, primarily due to organizational transformation actions.
- The loan loss rate is expected to normalize towards 30 to 35 basis points, up from 19 basis points in 2024.
- There is a headwind of around 1% to NII in 2025 from the WRB transformation actions announced in Q3.
Good morning and good afternoon, everyone. Welcome to our full year 2024 results presentation. We delivered a strong performance in 2024 with a return on tangible equity of 11.7%, up 160 basis points year-on-year. We achieved record income of $19.7 billion, including a very strong performance in Wealth Solutions and double-digit growth in Global Markets and Banking.
Our fourth quarter performance continued the consistent delivery of previous quarters. These results demonstrate that our strategy of combining cross-border capabilities with leading wealth management expertise is firing on all cylinders. We've remained disciplined on cost, delivering positive income to cost jaws in 2024, and we're now one year into our Fit for Growth program, which is progressing at pace.
We continue to return capital to our shareholders. And today, we are announcing a 37% increase in full year dividend per share and a new share buyback of $1.5 billion. This will take our total shareholder distributions announced
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