StanChart Plans Buyback, Targets Cost Cuts After Profit Miss

Bank reports 5% rise in operating expenses for the full year
Asia-focused lender paints optimistic outlook for year ahead

WATCH: Andy Halford, CFO at Standard Chartered Plc, discusses fourth-quarter earnings, the plans for a $750 million share buyback and his outlook for the business in Asia.Source: Bloomberg

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By Harry Wilson and Ambereen Choudhury

February 16, 2022 at 11:32 PM EST

Updated on

February 17, 2022 at 7:02 AM EST

This article is for subscribers only.

Standard Chartered Plc will hand $750 million to investors through a share buyback despite missing estimates, as the bank looks to boost earnings with cost cuts and higher interest rates.

Adjusted pretax profits for 2021 rose 55% to $3.9 billion, missing a company-compiled estimate of $4.3 billion, dragged down by a $300 million writedown on its investment in China Bohai Bank, according to a statement from the London-based lender Thursday.