At the Annual General Meeting of Standard Chartered PLC, held at Convene St Paul’s, 200 Aldersgate, London EC1A 4HD on 8 May 2025, the following statement was issued by Group Chairman, José Viñals.
Performance
The underlying strength of our business puts us in a strong position to navigate the elevated macroeconomic uncertainty we face today.
In such an environment, our priority is to remain resilient and agile and to continue supporting our clients and markets in securing long-term growth.
In 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.
This 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.
Our Return on Tangible Equity for the year was in double digits at 11.7 per cent.
Importantly, we exercised disciplined cost control, while continuing to invest in our business and transformation. We also maintained a robust capital position.
We 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.
We have also just announced another strong performance for the first quarter of this year, demonstrating that our strategy continues to deliver.
Our 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.
Our 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.
While this performance is strong, we have a high-growth business, anchored in high-growth markets that is well-positioned to deliver further, sustainable growth.
So, the Board and Management Team remain ambitious about driving long-term value for you, our shareholders.
A performance driven by strategic clarity and purpose
Turning to our strategy, we announced a refinement in the third quarter, focusing on two complementary strengths of our business:
- the pursuit of cross-border opportunities through corporate and investment banking;
- and serving the fast-growingaffluent segment through our leading wealth management offering.
As we continue to sharpen our focus, it has been necessary to make changes to our business model. This includes exiting some markets and reshaping our business to prioritise developing our pipeline of future affluent and international banking clients.
Across both Corporate & Investment Banking and our Wealth & Retail Banking businesses, we are focused on driving income growth in areas with high returns, supported by our strong risk management. Bill will talk more about this later.
In addition, we are committed to playing our role in sustainability which remains a strategic focus area. In 2024, our sustainable finance business contributed income of $982 million, close to our 2025 target of $1 billion.
So, while we are driving more sustainable outcomes for our clients and markets as they navigate the energy transition, we are also delivering commercial value for our shareholders.
The clarity and simplicity of our refined strategy has helped to galvanise our people, and their drive to deliver on this is a significant part of the confidence I observe across the business internally. This translates into a more comprehensive understanding and appreciation of Standard Chartered externally.
The Board
Let me turn now to the Board.
Our role as a Board is to ensure the highest standards of corporate governance and to take a long-term view on how we can achieve success responsibly for the Group through both our oversight and constructive partnership with the Group Management Team.
As I step down, I am especially proud that my successor, Maria Ramos, comes from our existing non-executives. I know Maria will lead the bank successfully through its next phase of growth.
In reflecting on my own time as Chairman, I look back to my original priorities that I shared with you during my first AGM.
These were to deliver long-term value in three ways:
first, by helping the Bank achieve its potential;
second, by strengthening its resilience;
and third, by enhancing its governance.
By these measures, I am proud of what we have achieved, and I am grateful for the contribution of many colleagues and partners over the years who helped us make credible progress.
There is, of course, more to do, as the bank pursues its renewed level of ambition. Our ability to adapt and evolve in a fast-changing external and competitive environment will be the measure of our long-term success.
I would like to thank all my fellow Board members, both those with us today and during my nine-year tenure, for their contribution.
They have each played a meaningful role in creating the strong foundation on which our business now stands and have worked diligently to drive progress and ensure robust governance.
Since our last AGM, we have welcomed Lincoln Leong who joined the Board in November.
Lincoln has held a range of senior roles in the corporate sector, finance and banking.
He also brings a deep understanding of, and connection with, the Hong Kong market. His insights are already proving very valuable.
David Conner stepped down in December after serving for nine years. We are grateful to him for leading the Risk Committee with distinction.
The board has benefited greatly from his expertise gained over many years of working in some of our key markets.
Each of our Board members brings a wealth of experience and expertise from their respective markets and industries. This diversity remains critically important for the Board, and while all appointments are based on merit, we must also be representative of the diverse clients we serve and markets in which we operate.
A culture beyond our financing
Let me move now to culture.
Our continued commitment to a culture of excellence, based on high performance and led by many leaders across the organisation, has contributed to our achievements this year.
Our purpose and brand promise, “Here for Good”, remain critically important in defining who we are as a business. They help to determine our ambition and guide our decision-making.
As a Group, we continue to play our part in helping to address some of the most pressing societal challenges.
This includes our ambition to be a net zero institution by 2050.
2025 is the year in which we aim to be net zero in our Scope 1 and 2 emissions, an important milestone which we are on track to meet.
In our annual report, we outline progress against our independent net zero roadmap as we disclose interim targets and science-based methodologies for our financed emissions in all 12 of the high-emitting sectors defined by the Net-Zero Banking Alliance. This includes the addition of our one outstanding target for Agriculture.
This year we also published the Group’s inaugural Transition Plan which outlines our approach to achieving net zero by 2050, demonstrating that the bank has a clear road map to deliver on our commitments.
As I mentioned earlier, sustainable and transition finance make a meaningful contribution to our business.
We also have a leading advisory capability that is in high demand as clients look to deliver progress against their own adaptation, transition, and sustainability ambitions.
“Here for Good” is also “here for good business”.
Looking ahead
I’d like to turn now to the outlook.
The announcement last month of proposed US tariffs sparked significant turbulence in global markets. This reflects investor concerns over likely disruption in global supply chains, higher costs for business and an adverse economic impact globally.
The world is now in a period of volatility and transition, from a western-led and progressively integrated global economy to an era of ‘multi-alignment’ where major players may act independently and assertively.
This is re-defining the geopolitical landscape and, in turn, the nature of globalisation in a world that, nevertheless, remains highly interconnected.
Long-running trends of technological, environmental and demographic change – which require global co-operation – are being brought into sharp relief in this new environment. For example:
The implications of Artificial Intelligence are becoming more clear for business and governments – both the opportunities and the challenges.
On climate, last year was the first time the planet exceeded the global warming threshold of 1.5 degrees set by the Paris agreement, bringing us close to a position that may be irreversible.
And an aging population in large economies has profound implications for future growth.
In times of uncertainty, it is incumbent on us to stay close to our clients and markets, adapt to their evolving needs and help them navigate a pathway to growth and prosperity.
And while uncertainty is creating new risks, it is also creating new opportunities across our markets, including in fast-growing trade and investment corridors, sustainable development, and cross-border wealth.
Trade routes have already been rewired in recent years, with many of our markets acting as a channel between east and west.
There have also been concerted efforts to improve supply chain resilience, including reducing carbon footprints and driving adaptation. I expect these developments to continue, or even accelerate, over time.
So, there are significant opportunities for our business, anchored in our dynamic markets, and as the world adjusts, our role as a super connector will be even more critical in realising our full value as a Group.
Before I conclude, I want to take this opportunity to thank the Board, the Management Team and all our colleagues for their efforts over the past nine years.
I also want to extend special thanks to Bill, my closest colleague and partner, who has worked successfully with tremendous energy, passion and commitment to move the bank forward.
The improvement in our underlying Return on Tangible Equity from 0.3% nine years ago to 11.7% last year illustrates our collective progress.
And finally, I want to thank you all sincerely for your loyalty and support on this journey.
Indeed, I would not be here today without you, as you have been kind enough to re-elect me every year.
Thank you very much.
I’ll now hand over to Bill.
