StanChart's underlying operating expenses only rose by 6 per cent to $11.8billion over 2024, while credit impairment charges tipped 5 per cent higher to $557million.
The Asia-focused bank's pre-tax profits climbed by 18 per cent to $6billion in 2024, despite plummeting by 30 per cent to $800million in the fourth quarter.
Its underlying operating income increased by 13 per cent to $19.7billion as net interest income was boosted by the roll-off of short-term hedges, which banks often employ to protect their revenues against varying interest rates.
The bank expects its income to expand by an average of 5 to 7 per cent on a constant currency basis over the coming two years, further noting it was currently tracking towards the top end of the range.
Winters will see his basic salary cut by 40 per cent to $1.5million, although he could be awarded larger bonuses if his company hits specific targets.
