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Standard Chartered restores dividend as annual profit increases
Standard Chartered restarted dividends after posting a jump in annual profit that the bank said showed it had emerged from its recent problems.
Underlying pre-tax profit for the year to the end of December rose to $3bn (£2.2bn) from $1.1bn a year earlier as revenue rose 3.5% to $14.3bn. The charge for bad debts and other credit provisions halved to $1.2bn from $2.4bn.
The emerging markets-focused bank declared a final dividend of 11 cents a share - the first payout since it scrapped the final dividend in 2015 when it suffered its first annual loss for more than 25 years. The bank said dividends would rise as group performance improves.
The FTSE 100 bank's shares rose 2.9% to 853p at 08:48 GMT.
Standard Chartered boomed during the financial crisis as emerging markets continued to grow while developed markets fell into recession. But the bank expanded too fast, saddling it with rising bad debts and subscale businesses.
Bill Winters joined as chief executive in 2015 and has cut jobs and dumped peripheral operations to restore profitability and reduce risk. The company said it had a good start to 2018 with broad-based income growth in double digits.
Winters said the bank's performance in 2017 was steady, its foundations had been secured and it now had a clear path ahead.
He said: "The transformation of the group continued in 2017 with the significant improvement in underlying profits, a strong capital position and emerging clarity on regulatory capital requirements allowing us to resume paying dividends. We are encouraged by our start to 2018 and remain focused on realising the group's full potential."