Standard Chartered’s Board withdraws recommendation to pay final dividend for 2019

Maria Nikolova

Furthermore, no interim dividend on ordinary shares will be accrued, recommended or paid in 2020.

Standard Chartered PLC today announces its Board has decided to withdraw the recommendation to pay a final dividend for 2019 of 20 cents per ordinary share and to suspend the buy-back program announced on February 28, 2020. The decisions have been made in response to a request from the Prudential Regulation Authority (PRA) and as a consequence of the challenges related to the COVID-19 pandemic.

Furthermore, no interim dividend on ordinary shares will be accrued, recommended or paid in 2020. The board’s recommendation regarding a final dividend in 2020 will take into account the financial performance of the Group for the full year and the medium-term outlook at that time.

The Group explains that suspending shareholder distributions at this time will allow it to maximise its support for individuals, businesses and the communities in which it operates whilst at the same time preserving strong capital ratios and investing to transform the business for the long term.

The Group is well capitalised with low leverage and high levels of loss-absorbing capacity. Its capital and liquidity metrics remain well above regulatory thresholds, Standard Chartered says.

Standard Chartered notes that the decisions announced today relate to the Group’s ordinary shares and not to any other Group instruments.

As at the end of March 30, 2020 the Group had through the buy-back program announced on February 28, 2020 purchased 38 million ordinary shares of $0.50 each through J.P. Morgan Securities plc for consideration of $218 million, representing a volume-weighted average price per share of £4.77. The Group holds no shares in Treasury.

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