The London-listed lender launched a new US$1-billion share buyback as part of plans to return at least US$5 billion to shareholders over the next three years, it said in a results statement.

After-tax profit leapt 18% to US$3 billion last year and revenue jumped 10% to US$18 billion.

Impairment charges slid 39% to US$508 million, with a notable decline for Chinese commercial real estate clients, it added

Standard Chartered’s share price surged, up eight percent in late morning trading on the London stock market, which overall edged higher.

“During 2023, the group continued to improve profitability,” said chairman Jose Vinals in the earnings release.

“Our high-growth markets, where we are intent on making further investment, continue to deliver strongly despite an uncertain picture for the global economy.

“This performance came against a backdrop of rising interest rates in many large economies, which undoubtedly gave a strong tailwind for the business. However, it is also a product of our clear strategy, discipline and tireless execution.”

Banks in the UK and elsewhere are gaining from higher interest rates as central banks hiked borrowing costs substantially from late 2021 through to the second half of 2023 in a bid to cool soaring inflation.

Retail lenders have in turn raised their own rates, benefitting savers but also hugely increasing banks’ returns on loans.