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StanChart Results Preview: Real Estate & Restructuring

FINANCIALS

Standard Chartered (STAN LN) reports 4Q23 results on 23-Feb and key themes look likely to be real estate and restructuring.


  • China real estate has been the subject of lots of column inches. HSBC impressed the market (on 21-Feb) with flat NPLs and lower credit costs and, aside from a BoComm MTM hit, just USD200m of China real estate charges. In relative terms, StanChart is “more Chinese” so there’s still potential for a downside surprise.
  • New CFO, 3yr targets and restructuring of the institutional business. Press reports started to emerge around 13-Feb of a “revamp” of the institutional bank and some mgmt changes in transaction banking were announced only yesterday (21-Feb). StanChart’s CIB does hold back group returns (and is c.60% of revenues) and fixing this issue has been a decade-long work-in-progress. The group now has a new CFO and we’re expecting new targets here.
  • In terms of forward earnings moves, the rate of deceleration in net interest income as rate benefits subside will be vital, similarly activity across the institutional business, alongside that credit loss outlook.

Results released 0415 (London time), conf call at 0800 at: https://edge.media-server.com/mmc/p/uj4fioqt/

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