Standard Chartered (2888) reported a net profit of US$3.59 billion (HK$28 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.

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.