Standard Chartered PLC (HKSE:02888)
HK$ 96.2 0.25 (0.26%) Market Cap: 234.13 Bil Enterprise Value: 321.06 Bil PE Ratio: 8.40 PB Ratio: 0.61 GF Score: 66/100
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Q1 2024 Standard Chartered PLC Earnings Call Transcript

May 02, 2024 / 07:00AM GMT
Release Date Price: HK$71.95 (+5.96%)
Diego De Giorgi
Standard Chartered PLC - Group CFO & Group Executive Director

Good morning and good afternoon, everyone, and thank you for joining our first quarter earnings call. I'll take you briefly through the numbers, and then Bill, and I will be happy to take questions. In my remarks, I will be comparing year-on-year on an underlying basis and speaking to constant currency unless stated otherwise. And as a reminder, the results of our segments and products are now presented to reflect the RNS we issued on the 2nd of April.

We had a strong start to 2024. First quarter income was up 20%. This growth rate was flattered by 2 notable items totaling $234 million. But even excluding this, income was up 14%. Adjusted net interest income increased 5%, and the performance of our 2 engines of non-NII was strong with Wealth Solutions up 23% and Markets up 17%. We saw good momentum in Banking with income up by a similar amount at 17%. With mid-single-digit expense growth and modest impairments, pretax profit was up 27%. We remain highly liquid. Our CET1 ratio remains robust and the latest $1

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