Standard Chartered: cautiously optimistic about the economy
(CercleFinance.com) - Standard Chartered on Tuesday posted a third successive year of underlying earnings growth, and said that it is "cautiously optimistic" on the global macroeconomic environment.
The London-based bank said that its underlying pre-tax profit rose by 28% to 3.9 billion dollars in 2018, driven by its largest segments and regions.
Its board has recommended a final dividend of 15 cents per ordinary share, up 36% from 11 cents in 2017.
The bank's CET1 ratio - a measure of financial strength - increased 60 basis points to 14.2%, above the group's updated target range of 13-14%.
But the bank also admitted that the range of possible outcomes is "wider than it has been in a long time," citing operational and regulatory risks that could arise as a result of Brexit.
The group said that it has established a newly licensed entity in Frankfurt, which means that it will be able to continue to service its European clients post-Brexit.
Its shares are currently down 1.2%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.