Winters' tail wind

30 Apr 2019 By Christopher Thompson

The Asia-focused bank will buy back $1 bln of shares after a strong first quarter. With U.S. legal risks largely banished and the bank trading at a discount, the chutzpah is understandable. But one-off gains mean CEO Bill Winters is still some way from his 10 pct return goal.

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Standard Chartered announced a $1 billion share buyback on April 30 after it reported a 5 percent year-on-year increase in pre-tax profit to $1.24 billion, on operating income which declined by 2 percent to $3.8 billion.

Excluding one-off charges, the Asia-focused lender made a 9.6 return on tangible equity for the quarter, up from 8.6 percent over the same period a year ago.

The bank reported a common equity Tier 1 capital ratio of 13.9 percent, down 30 basis points from the end of 2018.

Standard Chartered shares were up 4.5 percent to 699.40 pence at 0834 GMT on April 30.

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