From Breakingviews - Soaring StanChart still has lots of work to do
12%-14% top-line growth for this year, from 10% previously, caught investors' eyes, as did a chunky $1 billion share buyback programme. Winters is also now targeting a 10% 2023 return on tangible equity, compared with “approaching 10%” previously. All helped to send the stock up 5.5% by mid-morning London time.
But the heavy lifting is far from over. Winters managed to get costs down to 61% of revenue in the first half, close to his 2024 target of around 60%. But the improvement came solely from a rising top line: operating expenses were up 12% year-on-year, after stripping out currency movements.
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