StanChart CEO says no plans to raise capital, cut payouts

LONDON Wed Mar 5, 2014 4:58am EST

People queue up outside a Standard Chartered Bank branch before operation hours at the central business district in Singapore January 23, 2014. REUTERS/Edgar Su

People queue up outside a Standard Chartered Bank branch before operation hours at the central business district in Singapore January 23, 2014.

Credit: Reuters/Edgar Su

LONDON (Reuters) - Standard Chartered's (STAN.L) boss said he had no plans to raise capital from shareholders or cut the dividend, saying his bank had strong capital "on any measure" despite a drop in profits and a challenging outlook.

Asked whether he had any plans to raise capital or cut its dividend, Chief Executive Peter Sands said: "None"

"At the level we're at, we are already significantly and materially ahead of the target ratios the PRA (Prudential Regulation Authority) has guided us to achieve by 2019," he told Reuters in an interview.

He was speaking after Standard Chartered reported its first drop in annual profits for a decade.

(Reporting by Steve Slater; Editing by Matt Scuffham)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.