Business
AGM Statement
AGM Statement.
About this update from Standard Chartered Plc
[{"type":"text","content":"\n\n8 May 2025\n \nStandard Chartered PLC\n \nAGM Statements\n \nAt the Annual General Meeting of Standard Chartered PLC, held at Convene St Paul's, 200 Aldersgate, London EC1A 4HD today, the following statements were issued by Group Chairman, José Viñals and Group Chief Executive, Bill Winters.\n \nGroup Chairman's Statement:\n \nPerformance\n \nThe underlying strength of our business puts us in a strong position to navigate the elevated macroeconomic uncertainty we face today. \n \nIn such an environment, our priority is to remain resilient and agile and to continue supporting our clients and markets in securing long-term growth. \n \nIn 2024 we generated record income of $19.7 billion, up 12 per cent on a constant currency basis, together with the highest profitability in a decade.\n \nThis was driven by very strong performance in our Wealth business, with continued momentum in onboarding new affluent clients, as well as double-digit growth in Global Banking and Global Markets in our Corporate and Investment Bank.\n \nOur Return on Tangible Equity for the year was in double digits at 11.7 per cent.\n \nImportantly, we exercised disciplined cost control, while continuing to invest in our business and transformation. We also maintained a robust capital position.\n \nWe are pleased to report a 37 per cent increase in the full-year dividend for 2024 of 37 cents per share. Alongside previously disclosed share buyback commitments, we have announced total shareholder distributions of $4.9 billion since our full-year 2023 results. This means we are well on our way to delivering our targeted distributions of at least $8 billion by 2026.\n \nWe have also just announced another strong performance for the first quarter of this year, demonstrating that our strategy continues to deliver.\n \nOur income was up 7 per cent year on year in constant currency, and earnings per share were up 19 per cent. This was again driven by strong performance across Wealth Solutions, Global Markets and Global Banking.\n \nOur share price has responded well, both in absolute terms and in relation to our peers. Since our last AGM, it has risen 35 per cent, closing yesterday at £10.46.\n \nWhile this performance is strong, we have a high-growt...