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☆ Standard Chartered first-half profit beats estimates, sets new $1 billion share buyback
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +1 min

A sign above the entrance to the headquarters of Standard Chartered Plc in London, U.K., on Monday, Feb. 14, 2022. Standard Chartered reported on Friday first-half pretax profit rose 20% and announced a new $1 billion share buyback, as rising rates and record financial markets business propelled margins at the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of this year reached $3.32 billion. That compared with $2.77 billion a year earlier and the $3.18 billion average of 16 analyst estimates compiled by the bank. The bank upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously.

Persons: Bill Winters Organizations: Standard Chartered, Chartered Locations: London, Asia

☆ StanChart lifts annual profit outlook, sets new $1 billion share buyback
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +3 min

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for the first six months of the year surged 20% to $3.32 billion, beating the $3.18 billion average of 16 analyst estimates compiled by the bank. Standard Chartered upgraded its annual profit forecast on Friday and set a new $1 billion share buyback after a strong first-half performance, as rising rates and a record financial markets business propelled the lender's margins. An illuminated Standard Chartered Plc logo is displayed on the Standard Chartered Bank building. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment.

Persons: Bill Winters, StanChart, Goldman Sachs Organizations: Chartered, Standard Chartered Bank, Jefferies, Hong, Citigroup, Deutsche Bank Locations: Asia, Hong Kong, London

☆ Soaring StanChart still has lots of work to do
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, July 28 (Reuters Breakingviews) - Bill Winters’ bank is finally getting its act together – to an extent. London-listed Standard Chartered (STAN.L) on Friday reported its highest first-half revenue and earnings since Winters joined as CEO in 2015. The upgraded 12%-14% top-line growth for this year, from 10% previously, caught investors' eyes, as did a chunky $1 billion share buyback programme. Winters managed to get costs down to 61% of revenue in the first half, close to his 2024 target of around 60%. Even after Friday’s bump, StanChart trades at just two-thirds of 12-month forward tangible book value, using analyst estimates gathered by Refinitiv Datastream.

Persons: Bill Winters, Winters, It’s, Refinitiv Datastream, Liam Proud, Streisand Neto Organizations: Reuters, “, HSBC, DBS, Twitter, Bank of Japan, Thomson Locations: SINGAPORE, London

The lender upgraded its guidance for income growth in 2023 to a 12%-14% range from 10% previously. StanChart's robust results showed how global market conditions are playing to the emerging markets-focused lender's strengths. London-headquartered StanChart's transaction banking income shot up by 92% to $2.86 billion, with cash management income up 166%, benefiting from a favorable interest rate environment. That contrasted with the prolonged slump in income at more deal-focused U.S. and European rivals. Reporting by Selena Li and Lawrence White; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bill Winters, StanChart, Goldman Sachs, Selena Li, Lawrence White, Muralikumar Organizations: Standard Chartered PLC, Jefferies, Hong, Citigroup, Deutsche Bank, Thomson Locations: HONG KONG, Asia, Hong Kong, London

☆ StanChart to sell sub-Saharan Africa business to Access Bank
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, July 14 (Reuters) - Standard Chartered (STAN.L) said on Friday it has reached an agreement to sell its subsidiaries in sub-Saharan Africa to Nigeria's Access Bank, putting into motion a plan announced last year to divest those businesses. Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia and Sierra Leone to Access. It will also sell its consumer, private & business banking business in Tanzania to Access Bank, a subsidiary of Access Holdings (ACCESSCORP.LG). "Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered's businesses across the five aforementioned countries," Standard Chartered said in a statement. The agreement is in line with Standard Chartered's global strategy "aimed at achieving operational efficiencies, reducing complexity, and driving scale," it said.

Persons: Sunil Kaushal, Roosevelt Ogbonna, Yousef Saba, Jason Neely Organizations: Nigeria's Access Bank, Chartered, Access Bank, Access Holdings, Thomson Locations: DUBAI, Saharan Africa, Angola, Cameroon, Gambia, Sierra Leone, Tanzania, Africa, Nigeria

☆ HSBC, StanChart face pressure from Hong Kong to take on crypto clients - FT
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

[1/3] An attendant walks outside the entrance to Hong Kong Monetary Authority in Hong Kong, China November 10, 2015. REUTERS/Bobby YipJune 15 (Reuters) - HSBC (HSBA.L) and Standard Chartered (STAN.L) are among lenders facing pressure from Hong Kong's banking regulator to take on crypto exchanges as clients, the Financial Times reported on Thursday, citing three people with knowledge of the matter. The UK-based lenders and the Bank of China were questioned by the Hong Kong Monetary Authority (HKMA) last month on why crypto exchanges were not being accepted as clients, according to the report. HSBC, Standard Chartered and the HKMA did not immediately respond to a Reuters request for comments. The HKMA, in a letter to lenders on April 27, said diligence on potential customers should not "create undue burden", especially "for those setting up an office in Hong Kong," the FT report said.

Persons: Bobby Yip, Hong Kong's, Rahat Sandhu, Rashmi Aich, Sherry Jacob, Phillips Organizations: Hong Kong Monetary Authority, REUTERS, HSBC, Standard Chartered, Financial Times, Bank of, U.S, Securities and Exchange Commission, Thomson Locations: Hong Kong, China, Hong, Bank of China, Bengaluru

☆ StanChart trimming roles as part of cost cuts - Bloomberg News
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Standard Chartered (STAN.L) is starting to lay off employees across Singapore, London, and Hong Kong hubs as part of an existing plan to cut costs by more than $1 billion through 2024, Bloomberg News reported on Wednesday. The British bank had previously said that it aims savings of $1.3 billion under a cost-efficiency program. "It is part of normal business activity to review our role requirements on an ongoing basis across the bank," a spokesperson for the British lender told Reuters in an emailed statement. Goldman Sachs is expected to reduce just under 250 jobs in the coming weeks, while JPMorgan Chase & Co (JPM.N) is cutting about 500 employees, Reuters reported in May. Reporting by Mrinmay Dey and Jose Joseph in Bengaluru; Editing by Subhranshu Sahu and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Goldman Sachs, Mrinmay Dey, Jose Joseph, Subhranshu Sahu, Dhanya Ann Thoppil Organizations: Bloomberg, Reuters, JPMorgan Chase &, Chartered, Jordan Investment Bank, Thomson Locations: Singapore, London, Hong Kong, Africa, Bengaluru

☆ FTSE 100 edges higher as NatWest, StanChart shares rise
▼ + stars: | 2023-05-22 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Domestic house prices rise in MayUK lowers stake in NatWest, shares climbDechra Pharma down after profit warningUS debt ceiling talks to resume after impasseFTSE 100 0.3%, FTSE 250 flatMay 22 (Reuters) - UK's blue-chip index edged higher on Monday, with NatWest shares rising after it agreed to buy 1.3 billion pounds ($1.6 billion) worth of its shares back from the government, although lingering uncertainty over the U.S. debt ceiling impasse weighed on overall mood. The FTSE 100 (.FTSE) rose 0.3%, with bank stocks in the lead. Standard Chartered (STAN.L) rose 2.4% after Bank of America upgraded the stock to "buy" from "neutral". UK-listed stocks have traded in tight bands since late April as investors digested mixed corporate earnings, weakening outlook for commodity-linked stocks and standoff over the U.S. debt ceiling deal. ($1 = 0.7923 pounds)Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, April 26 (Reuters) - Standard Chartered PLC (StanChart) (STAN.L) on Wednesday said first-quarter profit jumped 21%, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses. The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors. StanChart, which earns most of its revenue in Asia, said January-March statutory pretax profit reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. The bank said it saw signs of stabilisation in China's troubled commercial real estate market, with no increase in credit impairment from the previous quarter.

HONG KONG, April 26 (Reuters) - Standard Chartered PLC (StanChart) (STAN.L) on Wednesday said first-quarter pretax profit jumped 21%, beating analyst estimates, as rising interest rates buoyed cash management income and retail product sales of the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for January-March reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. It was the bank's largest single-quarter profit since the start of 2014, as rising interest rates boosted lending income while its financial markets trading division saw frenzied trading from customers amid volatile markets. The earnings update from StanChart showed how rising central bank rates have boosted revenue, as it charged borrowers more interest while not passing through all of the increase to depositors.

☆ StanChart profit swells on soaring global interest rates
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: +2 min

Standard Chartered PLC (StanChart) on Wednesday said first-quarter pretax profit jumped 21%, beating expectations, as rising interest rates buoyed cash management income and retail product sales for the emerging markets-focused lender. The earnings update showed how rising central bank rates have boosted revenue, as StanChart charged borrowers more interest while not passing all of the increase to depositors. StanChart, which earns most of its revenue in Asia, said January-March statutory pretax profit reached $1.81 billion. The bank said income in its corporate cash management business tripled due to "strong pricing discipline and passthrough rate management". Retail banking income rose 53%, propelled by deposit income which also tripled to $771 million.

☆ Standard Chartered's first-quarter profit rises 21% as interest rates soar
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: +1 min

Standard Chartered on Wednesday said first-quarter pretax profit jumped 21%, beating analyst estimates, as rising interest rates buoyed cash management income and retail product sales of the emerging markets-focused lender. StanChart, which earns most of its revenue in Asia, said statutory pretax profit for January-March reached $1.81 billion. That compared with $1.49 billion a year earlier and the $1.43 billion average of 14 analyst estimates compiled by the bank. It was the bank's largest single-quarter profit since the start of 2014, as rising interest rates boosted lending income while its financial markets trading division saw frenzied trading from customers amid volatile markets. The earnings update from StanChart showed how rising central bank rates have boosted revenue, as it charged borrowers more interest while not passing through all of the increase to depositors.

☆ StanChart CEO says AT1 bond wipeout has profound impact
▼ + stars: | 2023-03-24 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, March 24 (Reuters) - Standard Chartered (STAN.L) Chief Executive Bill Winters said on Friday Credit Suisse AG's (CSGN.S) $17 billion Additional Tier 1 bonds wipeout had "profound" implications for global bank regulations. Winters told a financial forum in Hong Kong the U.S. Federal Reserve move to guarantee non-insured deposits was a "moral hazard". "I think it had very profound implications for the regulation of banks, and for the way that banks manage themselves," Winters said. The bank had 147% LCR before the bank failures and this was "substantially higher now", Winters said, without disclosing the current level. Reporting by Selena Li in Hong Kong; additional reporting by Scott Murdoch in Sydney; Editing by Christian Schmollinger and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Centrica, StanChart jump on upbeat earningsVodafone up on report exploring options for African UnitFTSE 100 up 0.2%, FTSE 250 flatFeb 16 (Reuters) - Britain's internationally-focussed FTSE 100 on Thursday closed above 8,000 points for the first time as upbeat earnings from Centrica and Standard Chartered countered global risk-off sentiment after hotter-than-expected U.S. inflation data. The blue-chip FTSE 100 (.FTSE) gained 0.2%, off an intra-day record high hit earlier in the day, but still at its highest ever closing level of 8,012.53 points. The exporter-heavy index has had a stellar start to the year, gaining 7.5% so far as positive corporate earnings and rising commodity prices supported the index. Data showed U.S. producer prices rose more than expected in January while jobless claims unexpectedly fell, fanning speculation the U.S. Federal Reserve would keep raising interest rates for longer than expected. Shares of Centrica (CNA.L) jumped to top the FTSE 100, adding 5.7%, after the British Gas owner's annual profit more than tripled and it announced an extension of its share buyback programme.

☆ StanChart’s takeover defences are getting stronger
▼ + stars: | 2023-02-16 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

This year, he reckons the bank will churn out a near-10% return, rising to more than 11% in 2024. But if Winters can convince investors his new targets are remotely plausible, he’ll have a stronger case for StanChart’s independence. A typical offer pitched 30% above the price before the latest takeover speculation would value StanChart at just three-quarters of forward tangible book value. StanChart’s stronger takeover defences may be a problem for its suitors. StanChart earned an 8% return on tangible equity (ROTE), excluding restructuring expenses and a writedown of goodwill on the bank’s balance sheet.

☆ Standard Chartered 'absolutely not' for sale, bank CEO says
▼ + stars: | 2023-02-16 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

LONDON — The CEO of Standard Chartered said the bank was "absolutely not" for sale following speculation of a takeover bid. Bill Winters told CNBC's Geoff Cutmore Thursday that a potential sale is not what the company is focused on. "But of course, we have a fiduciary responsibility to our shareholders and if somebody wants to come and thinks they can add a lot of value, as I've said, be my guest." The comments come after First Abu Dhabi Bank said Friday that it was not evaluating an offer for Standard Chartered. "First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the bank said in a statement.

TOUGH TASK AHEADStanChart, which makes most of its profit in Asia, reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021. On Wednesday, Barclays (BARC.L) reported a 14% fall in full-year pretax profit as earnings were pole-axed by surging costs and a collapse in deal fees, among other factors. StanChart's financial markets trading business reported record income, up 21%, as accelerating inflation and Russia's invasion of Ukraine made for volatile markets, driving frenzied activity by institutional clients throughout 2022. StanChart also took a $308 million hit on its investment in China Bohai Bank (9668.HK), which it attributed to "industry challenges".

☆ Morning Bid: Growth trumps rates
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +6 min

While there were some questions about seasonal adjustments in the data, economists were impressed that sales growth was pretty broad based and have scrambled to re-crunch first quarter U.S. output forecasts as a result. There may be a more mixed picture from Thursday's data slate on producer prices, housing starts and weekly jobless claims. Even though rates futures and Treasury yields ticked back a bit today, pricing now has Fed policy rates moving as high as 5.25% and staying above 5% all year. And while full-year earnings growth estimates for S&P500 companies have sunk to zero, consensus forecasts are now pencilling in a rebound of almost 12% next year. Uncertainty about the pace of growth and annual tax receipts in April makes it difficult for government officials to predict the exact "X-date", it said.

☆ Standard Chartered raises forecast, announces $1 billion share buyback after profit jumps 28%
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: +1 min

Standard Chartered raised a key performance metric and announced a new $1 billion share buyback on Thursday after posting a 28% rise in annual pretax profit as global interest rate hikes boosted its lending revenue. StanChart's performance, like that of global peers, was aided by aggressive central bank interest rate hikes aimed at combating inflation, which in turn allowed lenders to charge more after a decade of near-zero rates. The London-headquartered bank upgraded its performance forecast, saying it now expected to achieve a return on tangible equity — a key profitability metric — of 10% this year and 11% in 2024. The Asia, Africa and Middle East-focused bank reported statutory pretax profit of $4.3 billion for 2022. That came below the $4.73 billion average of analyst forecasts compiled by the bank but beat the $3.35 billion it made in 2021.

☆ FTSE 100 at record high on positive Centrica, StanChart earnings
▼ + stars: | 2023-02-16 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 hits record high, trading above 8,000 pointsCentrica, StanChart, Relx jump on upbeat resultsVodafone rises on report of looking at options for Africa unitFTSE 100 up 0.3%, FTSE 250 adds 0.4%Feb 16 (Reuters) - UK's FTSE 100 rose to a record high on Thursday, underpinned by corporate earnings from Centrica and Standard Chartered, while higher commodity prices drove up heavyweight miners. The blue-chip FTSE 100 (.FTSE) gained 0.3%, trading comfortably above the 8,000-point mark it had breached in the previous session. The exporter-heavy FTSE has had a stellar start to the year as positive corporate earnings and rising commodity prices supported the index. Shares of Centrica (CNA.L) jumped to top the FTSE 100, adding 4.2%, after the British gas owner's annual profit more than tripled and as it announced an extension of its share buyback programme. Standard Chartered (STAN.L) rose 1.8% after the lender reported a 28% rise in annual pretax profit and unveiled a $1 billion share buyback programme.

☆ StanChart discusses the U.S. Fed's rate hikes
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStanChart discusses the U.S. Fed's rate hikesManpreet Gill, chief investment officer at Standard Chartered Wealth Management, discusses the outlook for markets and the U.S. Federal Reserve's monetary policy.

☆ Morning Bid: The waiting game
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

Worries over an economic slowdown, the direction of inflation and concerns about the pace of monetary tightening are all weighing on sentiment. But before that, UK GDP data for fourth quarter is due later on Friday and is expected to be flat, according to a Reuters poll. That's the third time it has scaled a new peak in less than a week and the GDP report will likely influence the market on the day. Investors are also waiting for Japan's government to present the new Bank of Japan governor nominee, also due on Tuesday. Since short-seller Hindenburg published its report on Adani last month, some $110 billion has been wiped off the value of the group's main seven listed firms.

☆ First Abu Dhabi Bank says not currently evaluating offer for StanChart
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Feb 10 (Reuters) - First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, said on Friday it was not currently evaluating an offer for Britain's Standard Chartered (STAN.L). News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. StanChart's shares rose by 11% on Thursday after Bloomberg News reported that the Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billon. "First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the lender said in Friday's statement. It, however, added that it and related parties reserve "the right to announce an offer or possible offer for the company or make or participate in an offer or possible offer for the company," within six months of the date of this announcement.

☆ FAB deal with StanChart is trying to 'recycle' U.S. dollar oil money into financial services: Analyst
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFAB deal with StanChart is trying to 'recycle' U.S. dollar oil money into financial services: AnalystFirst Abu Dhabi Bank and Standard Chartered could come to an agreement closer to July, according to Head of Financials at Hermes Investment, Filippo Alloatti, after FAB said it was not evaluating an offer for the London-listed bank.

☆ First Abu Dhabi Bank says it is not currently evaluating offer for StanChart
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: +1 min

First Abu Dhabi Bank, the United Arab Emirates' biggest lender, said on Friday it was not currently evaluating an offer for Britain's Standard Chartered . News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. StanChart's shares rose by 11% on Thursday after Bloomberg News reported that the Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billion. "First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the lender said in Friday's statement. It, however, added that it and related parties reserve "the right to announce an offer or possible offer for the company or make or participate in an offer or possible offer for the company," within six months of the date of this announcement.

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