The bank reported a 5% rise in operating expenses for the year. Standard Chartered warned last year of increasing staff costs on the back of higher performance-related pay, exacerbated by intense competition among banks.
Standard Chartered Plc will hand US$750 million to investors through a share buyback despite missing estimates, as the bank looks to boost earnings with cost cuts and higher interest rates.
Adjusted pretax profits for 2021 rose 55% to US$3.9 billion, missing a company-compiled estimate of $4.3 billion, dragged down by a U$300 million writedown on its investment in China Bohai Bank, according to a statement from the London-based lender Thursday.
