Standard Chartered reported a net profit of US$3.59 billion for last year, up by 19 percent year-on-year, thanks to a robust wealth business.

The British lender also declared a final interim dividend of 28 US cents, leading to a full-year distribution of 37 US cents, an increase of 37 percent from the year prior.

The bank said it will soon commence a share buyback worth US$1.5 billion.

Adjusted pretax profit at the London-headquartered lender came in at US$1.05 billion for the three months through December.

Standard Chartered is doubling down on its mainstay wealth management and markets business, even as an uncertain global growth outlook and a divergent interest rate policy are expected to cast a cloud over Western banks in the near term.

“Growth in our footprint markets across Asia, Africa and the Middle East is set to outpace global growth… and we are uniquely positioned to take advantage of this,” said chief executive Bill Winters in the bank’s earnings statement on Friday.

The London-based lender reported on Friday a pretax profit of US$6 billion for 2024, up from US$5.1 billion the year before and slightly below the US$6.2 billion average from analysts’ forecasts as compiled by the bank.