Standard Chartered has just delivered a strong performance report.
Against the backdrop of macroeconomic headwinds and a global interest rate cut cycle, Standard Chartered not only crossed the 13% tangible equity return threshold a full year ahead of schedule but also announced a new stock repurchase plan of up to $1.5 billion and a 65% increase in annual dividends.
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Peeling back this layer of high growth, the core logic of Standard Chartered's underlying business is undergoing a fundamental restructuring—
It is reducing its reliance on traditional interest rate spreads and accelerating its evolution into a light-capital &#34;wealth management and cross-border transaction intermediary.&#34;
The &#34;scissors gap&#34; between revenue and profit confirms this trend:
In 2025, Standard Chartered achieved a basic operating income of $20.894 billion, a year-on-year increase of 6%, while the pre-tax basic profit reached $7.9 billion, a year-on-year increase of 18%; the positive revenue and cost differential indicates that the company has released leverage effects in cost control and balance sheet optimization.
During the period, Standard Chartered's basic RoTE surged 300 basis points to 14.7%, while the core Tier 1 capital adequacy ratio remained at a strong high of 14.1%; based on this, the board announced a new $1.5 billion repurchase and significantly raised the annual dividend to $0.61 per share.
Behind the capital frenzy is a shift in the business landscape.
As global central banks enter a rate-cutting phase, the traditional &#34;interest spread&#34; model has peaked in the short term, with Standard Chartered's net interest income in 2025 only slightly increasing by 1% to $11.2 billion, and the net interest margin narrowing by 3 basis points to 2.03%;
The real growth engine has been taken over by non-interest income.
During the reporting period, Standard Chartered's non-interest income surged 13% year-on-year to $9.7 billion, with the wealth solutions business performing particularly well, with revenue skyrocketing 24% to $3.086 billion;
In 2025, Standard Chartered attracted 275,000 new affluent clients, with net inflows of new funds from affluent clients reaching $52 billion, successfully achieving a shift in momentum by attracting funds from the affluent class in key trade corridors such as Asia and the Middle East.
This strategy of transitioning to a light-asset intermediary model is also reflected in other segments.
Global Markets and Global Banking recorded growth rates of 12% and 15%, respectively, with the bank's role increasingly evolving into that of a service provider, lender, and intermediary.
However, amid macro headwinds, Standard Chartered's non-linear macroeconomic provisions increased by $70 million, and management raised the probability weight of the downside scenario from 32% to 41%;
This detail indicates that, in the face of potential future geopolitical fluctuations and tariff frictions, Standard Chartered has left sufficient safety margins and stress testing space in risk control.
Various data indicate that concerns over heavy balance sheets and bad debts have been resolved, and when the market fully recognizes Standard Chartered's revaluation logic as a light-asset wealth intermediary, it may be the true decisive factor for its future valuation trajectory

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Standard Chartered just delivered a strong performance report. Against the backdrop of macroeconomic headwinds and a global interest rate cut cycle, Standard Chartered not only crossed…

- Standard Chartered Group has reported strong earnings, achieving a tangible return on equity of 13% a year ahead of schedule and announcing a $1.5 billion stock buyback alongside a 65% increase in annual dividends.  
- The bank is transforming its core operations, reducing reliance on traditional interest margins and shifting towards a light-asset model focused on wealth management and cross-border trading, reflected in a 6% revenue growth and an 18% rise in pre-tax profits.  
- While net interest income grew modestly, non-interest income surged by 13%, indicating a successful transition to manage wealthy clients, although management increased provisions amid macroeconomic challenges.

Standard Chartered Financial Report Insight: Peak Interest Margin and the Restructuring of "Light Capital Wealth Intermediaries"