- Standard Chartered is aggressively expanding its wealth management business.
- The company reportedly aims to attract $200 billion in net new assets between 2025 and 2029.
Standard Chartered’s stock hit its highest level since 2015 after reporting an 18% rise in annual profit and announcing a $1.5 billion share buyback. Strong performance in its wealth and markets divisions helped the bank outperform expectations, sending its shares climbing in Hong Kong and London.
According to Reuters report, the London-based lender posted a pre-tax profit of $6 billion for 2024, up from $5.1 billion in the previous year. While slightly below the $6.2 billion analyst forecast, the results still highlighted the bank’s resilience in its core markets across Asia, Africa, and the Middle East.
CEO Bill Winters expressed confidence in the bank’s strategy, emphasizing that these regions are set to outpace global growth. “Growth in our footprint markets across Asia, Africa, and the Middle East is set to outpace global growth, and we are uniquely positioned to take advantage of this,” Winters said in the earnings statement.
See Related: Barclays’ Investment Bank Shines With Ambitious Share Buyback Plan
Stock Hits Multi-Year Highs
Following the earnings release, Standard Chartered’s Hong Kong-listed shares closed 4.4% higher at HK$116 ($14.93), the highest level since July 2015. Its London-listed shares also gained nearly 5% at market open, reflecting investor optimism.
Michael Makdad, senior market analyst at Morningstar, told Reuters that the $1.5 billion share buyback was larger than some had expected, further fueling the stock’s upward momentum.
StanChart is making a major push into wealth management, targeting $200 billion in net new assets between 2025 and 2029. This effort is expected to drive double-digit annual growth in wealth solutions income. The bank has committed $1.5 billion over five years to enhance its digital platforms, client centers, and brand presence.
Despite uncertainty in the global economic landscape, Standard Chartered’s focus on high-growth regions and expansion of its wealth business are positioning it for long-term success. With its shares at their highest level in nearly a decade, the bank is signaling strong confidence in its ability to maintain momentum in the years ahead.
