HONG KONG/LONDON: Standard Chartered booked a robust 46 per cent jump in annual profit but warned a key earnings target would take longer to meet as the coronavirus epidemic adds to headwinds in its main markets of China and Hong Kong.
The bank, which makes the bulk of its revenue in Asia, posted a pretax profit of US$3.7 billion for 2019. Although that was slightly below an average forecast of US$3.9 billion, it marked the steepest profit growth since 2017 when the bank posted a six-fold rise. StanChart also said it had approved a buyback of up to US$500 million worth of shares starting shortly and will review the potential for making a further capital return upon the completion of the sale of a stake in Indonesian lender Permata.
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