Standard Chartered Reaffirms Long-Term Profit Goals & Reinstates Dividend
Standard Chartered has announced the restoration of its dividend, as well as reaffirmed its long-term profit goals, in an attempt to show it is strong enough to recover from the effects of the COVID-19 pandemic which has slashed its profits in half.
The bank has however warned that income in 2021 is still likely to be close to last year.
The bank's shares fell 5%, as investors ignored dividend restoration and eyed the lender's longer-term challenges in growing income. StanChart (alike its long-term rival HSBC) said it is targeting affluent customers, especially in Asian markets, to try and boost profits, hoping to earn more fees from wealth management products.
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