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FINANCIALS: STANLN: Positive Results, Upgraded Guidance. Appear Spread Positive

FINANCIALS

Standard Chartered (STANLN: A3/BBB+/A) 2Q24 headlines look positive with revenues marginally ahead of expectations, loan losses a big beat and pre-tax profit also ahead. CET1 is ahead of consensus and guidance is being upgraded. Spreads have done little over the last month so there appears some room to tighten today, in our view.

  • “*STANCHART: UPGRADING 2024 INCOME GUIDANCE
  • *STANCHART SEES LLR TO NORMALIZE TOWARD 30 TO 35BPS RANGE
  • *STANCHART: CREDIT IMPAIRMENT CHARGE OF $73M
  • *STANDARD CHARTERED 1H CET1 RATIO 14.6%, EST. 14%
  • *STANDARD CHARTERED 2Q ADJ PRETAX $1.83B, EST. $1.62B
  • *STANCHART ANNOUNCES $1.5B BUYBACK" - BBG

Conf call is 0800 (London time) at: https://edge.media-server.com/mmc/p/qw8pcuur/

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