Finance
StanChart Expands Share Buyback as Profit Beats Estimate
- Lender raises income growth outlook amid wealth boost
- Bank says about half of ‘Fit for Growth’ projects in execution
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Standard Chartered Plc expanded its multi-billion dollar share buyback program as the bank reported a rise in pretax profits driven by its wealth business.
The London-headquartered lender said in a statement Tuesday that it will repurchase a record $1.5 billion as it looks to return at least $5 billion to shareholders by 2026. Shares of the bank surged as much as 6.2% on Tuesday.