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StanChart 1Q24 Headlines: Major Revenue Beat, Positive Credit

FINANCIALS

Standard Chartered (STANLN: A3/BBB+/A) results headlines look like a major (10.6%) revenue beat (lots is trading income, however) driving a >30% pre-tax profit beat. Loan losses lower than expectations and tiny China CRE charge. Relief for the equity but spreads have already performed well YTD so perhaps insufficient to drive another increment.


  • STANDARD CHARTERED 1Q ADJ. CREDIT IMPAIRMENT CHARGE $176M (cons: 258m)
  • STANDARD CHARTERED 1Q CET1 RATIO 13.6%, EST. 13.9%
  • STANCHART: $10M CHARGES ON CHINA COMMERCIAL REAL ESTATE SECTOR
  • STANDARD CHARTERED 1Q ADJ PRETAX $2.13B, EST. $1.55B
  • STANDARD CHARTERED 1Q PRETAX PROFIT $1.91B, EST. $1.42B
  • STANDARD CHARTERED 1Q ADJ. OPER INCOME $5.15B, EST. $4.66B
  • Standard Chartered 1Q Net Trading Income $2.49B (cons: 1.49bn)
  • STANCHART: MAINTAINING FY 2024 GUIDANCE
  • Standard Chartered: 2024 Net Interest Income Expected Between $10.0B and $10.25B >2888.HK (cons: 9.2bn)
Conf call is 0800 (London time) at: {https://edge.media-server.com/mmc/p/5c7vdyii/}

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