The British banking company reported a net interest income of $2.02bn for the fourth quarter of 2022, a 19% increase compared to $1.69bn for the same period in 2021
Standard Chartered Bank London. (Credit: Cobaltblue25/Wikipedia)
Standard Chartered has reported a loss of $264m for the fourth quarter ended 31 December 2022, compared to a loss of $382m for the corresponding quarter of the previous year.
The British banking company reported a net interest income of $2.02bn for the fourth quarter (Q4) of 2022, a 19% increase compared to $1.69bn for the same period in 2021.
The company reported underlying operating expenses of $2.81bn for Q4 2022, compared to $2.68bn for the same quarter last year.
The bank reported an underlying profit before tax of $529m for Q4 2022, a 21% increase compared to $439m for the same quarter of 2021.
Standard Chartered attributed the performance in 2022 to the work of its more than 83,000 employees, supported by the management team, and group chief executive Bill Winters.
Standard Chartered group chief executive Bill Winters said: “We have delivered a strong set of results in the fourth quarter and for the full-year 2022, with both income and profit before tax up 15%, and a return on tangible equity of 8.0%, up 120bps on 2021.
“We are also announcing a new $1bn share buy-back, and a final dividend of 14 cents per share, taking total shareholder distributions announced since the start of 2022 to $2.8bn, more than half the three-year $5bn target we set ourselves by 2024.
“We continue to make significant progress against the five strategic actions outlined last year, and we remain confident in the delivery of our financial targets.
“We are upgrading our expectations, and are now targeting a return on tangible equity approaching 10% in 2023, to exceed 11% in 2024, and to continue to grow thereafter.”
Standard Chartered reported a profit of $2.9bn for the full-year ended 31 December 2022, a 25% increase compared to $2.3bn for the full year 2021.
The company reported a net interest income of $7.59bn for the full-year 2022, a 12% rise compared to $6.8bn for the full year 2021.
The bank reported underlying operating expenses of $10.7bn for the full year 2022, compared to $10.37bn for the full year 2021.
Standard Chartered reported an underlying profit before tax of $4.76bn for the full year 2022, a 13% increase compared to $4.19bn for the full year 2021.