The Lemon Fool

Standard Chartered readies for huge US fine over Iranian activities
Bank has put aside £700m to settle charges relating to Iranian sanctions busting
etc
https://www.theguardian.com/business/20 ... activities

I'm afraid this bank is a perennial disappointer in my portfolio(s).
- dspp

(could another Mod please add this to the link list for FTSE 350 news. Could someone please alert this for.)

[quote="dspp"]Standard Chartered readies for huge US fine over Iranian activities
Bank has put aside £700m to settle charges relating to Iranian sanctions busting
etc
https://www.theguardian.com/business/20 ... activities

I'm afraid this bank is a perennial disappointer in my portfolio(s).
- dspp

In the context of banking fines £700 million does not sound that much, but Standard Chartered is very accident prone and always has been which is why I have never held it in my portfolio.

Dod

Standard Chartered has declared an interim dividend of 3 cents per share. They say size isn't everything!

The share buyback makes more sense given how lowly rated the shares are compared to book value. They used to trade at a premium back in the day. I'd settle for parity.

Best wishes


Mark.

ADrunkenMarcus wrote:Standard Chartered has declared an interim dividend of 3 cents per share. They say size isn't everything!

Best wishes
Mark.

Let's be kind and say it's a start !

The 3c had been signposted at Q1 as it is 'formulaic'

The Group is accruing a provisional interim 2021 ordinary share dividend over the first half of the year which is calculated formulaically at one-third of the ordinary dividend paid in the prior year or 3 cents a share. The Group is expecting an update from the Prudential Regulation Authority before the half-year results regarding the extent to which an interim ordinary dividend can be paid.

Q1 - https://www.investegate.co.uk/standard-chrtrd-plc--stan-/rns/first-quarter-2021-results/202104290700050400X/


and confirmed at the half-year results today

The Board has recommended a proposed interim 2021 ordinary share dividend of 3 cents a share for the first half of the year which is calculated formulaically at one-third of the prior year's full-year dividend ...

Half Year - https://av.sc.com/corp-en/content/docs/standard-chartered-plc-hy-2021-report.pdf


For the only one of the five UK banks to have sailed through the 2008 crash unblemished, they really have been a disappointment since.


For holders
Ex-dividend (UK) 12 August
Sterling rate determined 4 October [historically no RNS issued, you have to find it yourself !]
Payment 22 October
https://av.sc.com/corp-en/content/docs/2021-Interim-Dividend-Timetable-Key-dates.pdf

https://www.investegate.co.uk/relx-plc- ... 00050792Q/

" We have delivered a strong set of results in the fourth quarter and for the full-year 2022, with both income and profit before tax up 15%, and a return on tangible equity of 8.0%, up 120bps on 2021. We are also announcing a new $1bn share buy-back, and a final dividend of 14 cents per share, taking total shareholder distributions announced since the start of 2022 to $2.8bn, more than half the three year $5bn target we set ourselves by 2024. We continue to make significant progress against the five strategic actions outlined last year, and we remain confident in the delivery of our financial targets. We are upgrading our expectations, and are now targeting a return on tangible equity approaching 10% in 2023, to exceed 11% in 2024, and to continue to grow thereafter"



( no holding. Augurs well for HSBC).

Oh dear, oh dear - and from a bank as well

As noted above, STAN declared a final dividend of 14 cents, and the exchange rate has been published. Spot the primary school error !

Unless shareholders on the UK register elect to receive their dividend in US dollars or Hong
Kong dollars, they will receive their dividend in sterling at approximately GBp 17.42352 pence
per ordinary share. The sterling amount was calculated using the forward US dollar/sterling
exchange rate of 1.244537 as displayed on the appropriate page of the Bloomberg screen or
equivalent at or around 2.00pm (UK time) on Wednesday 19 April 2023 and published on our
website at sc.com/shareholders.
Hong

https://www.sc.com/en/investors/shareholder-information/ and click on "Dividend documents" and then 2022 Final Payment Information.

I make the sterling rate 11.24916p per share to the same precision as their note.

Hopefully this will be corrected soon, but who on earth signed this off - maybe this is whay STAN are not doing too well !

Good job they are not a business that deal with large sums of money then!