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    STAN   GB0004082847

STANDARD CHARTERED PLC

(STAN)
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Standard Chartered : 1Q 2021 - Presentation (29 April 2021, PDF)

04/29/2021 | 12:35am EDT

1Q'21 Results Presentation

29 April 2021

Economic recovery advanced in many of our markets in 1Q'21

We are well positioned to support our clients, colleagues and communities

We delivered a strong performance in 1Q'21

Introduction

o Record quarter in Wealth Management1; Financial Markets ex-DVA up 7%

Income

Expenses

Risk

o Loans and advances to customers up 4% QoQ

Capital

1Q'21

Conclusion

o PBT up 19%2 driven by business momentum and lower impairments

summary

• Areas of strategic focus continue to develop well

• The pace of global recovery will be volatile and uneven…

• … but the outlook is positive and we expect income to start growing again in 2H'213

Network: continued growth in digitally initiated transactions, up 3%pts in 1Q'21 to 44%

Strategic

Affluent: added over 400,000 new affluent clients in the last 12 months4, 2/3rd from Mass Retail

progress

Mass Retail: Mox client base in Hong Kong increased 50% year-to-date to 100,000 clients

Sustainability: launched market-first sustainable trade finance proposition

2

Footnotes on pages 18-19; Glossary on page 20

The Group delivered a strong performance in 1Q'21

Positive business momentum and low impairment more than offset NII headwinds

($bn)

1Q'20

1Q'21

YoY1

Ccy1

Net interest income

1.8

1.7

(10)%

(11)%

Other income (ex-DVA)

2.2

2.3

4%

3%

Operating Income (ex-DVA)

4.0

3.9

(2)%

(3)%

DVA

0.3

0.0

Nm1

Nm1

Operating income

4.3

3.9

(9)%

(10)%

Operating expenses

(2.4)

(2.5)

(6)%

(4)%

Pre-provision operating profit

2.0

1.4

(27)%

(27)%

Credit impairment

(1.0)

(0.0)

98%

98%

Other impairment

0.2

(0.0)

Nm1

Nm1

Profit from associates

0.1

0.0

(15)%

(15)%

Underlying profit before tax

1.2

1.4

18%

19%

Restructuring

(0.1)

(0.0)

64%

65%

Goodwill impairment

(0.2)

-

Nm1

Nm1

Other items

0.0

-

Nm1

Nm1

Statutory profit before tax

0.9

1.4

59%

61%

Risk-weighted assets

273

277

1%

Net interest margin (NIM) (%)

1.52

1.22

(30)bps

CET1 ratio (%)

13.4

14.0

60bps

Liquidity coverage ratio (LCR) (%)

142

150

8%pt

Underlying RoTE (%)

8.6

10.8

220bps

  • Income momentum offset by low interest rates
    o NIM broadly stable at 122bps, down 30bps YoY
    • ~$380m headwind to NII vs 1Q'202 o Other income ex-DVA up 4%
  • Expenses up 6%, down 5% QoQ

  • o Normalised performance-related pay accrual and investment
  • Credit impairment $20m; exceptionally low

  • o Stage 1&2 net release of $(35)m; Stage 3 $55m o 'High risk' assets down $1.1bn QoQ
  • Profit before tax up 19% at ccy
  • Client demand drove growth

  • o Loan and advances to customers up $10bn / 4% o Risk-weighted assets up $8bn / 3%
  • Capital is strong; CET1 at top of 13-14% range
  • Introduction Income Expenses Risk Capital Conclusion

3

Footnotes on pages 18-19; Glossary on page 20

Record WM quarter and another good performance in FM

Benefits of product diversity outweighed for now by NII headwinds

Income 1Q'21 vs 1Q'20 ($m)

Introduction

(3)%

Income

Expenses

Retail Products (113)

Risk

Capital

128

Transaction

Conclusion

72

26

Banking (161)

107

17

4,022

39

4,061

(241)

(178)

3,929

NIM

(64)

Impact

(380)1

7%

20%

5%

13%

26%

(51)%

7%

(33)%

(21)%

1Q'20 ex-DVA

Currency

1Q'20 ccy

Wealth

Financial

Lending &

Retail

Retail

Transaction

Transaction

Treasury

1Q'21 ex-DVA

impact

ex-DVA

Management

Markets

Portfolio

Products

Products -

Banking -

Banking -

& Other

ex-DVA

Management

- Other2

Deposits

Trade

Cash

4

Footnotes on pages 18-19; Glossary on page 20

NII significantly impacted by 30bps YoY reduction in NIM…

…however in 1Q'21 the NIM broadly stabilised and assets continued to grow

Gross yield

334

234

295

185

(bps)

Rate paid

192

112

157

69

(bps)

1.62

1.52

Adjusted

1.31

1.28

NIM1 (%)

1.23

1.24

1.22

8,007

1,931

6,921

1,688

1,626

1,676

1,670

2H

4,003

3,302

Adjusted

Net interest

income

(NII)1 ($m)

1H

4,004

3,619

FY'19

FY'20

1Q'20

2Q'20

3Q'20

4Q'20

1Q'21

+9%

+3%

AIEA2

495

526

511

531

525

539

556

($bn)

AIBL2

445

478

465

479

478

491

510

($bn)

  • AIEA up 3% QoQ and AIBL up 4%2
  • Adjusted NII down 14% YoY o NIM down 30bps / 20% YoY
    • ~$380m headwind to NII vs 1Q'203
    1. Up 3% QoQ adjusting for day-count and one-off interest credit in 4Q'20
  • Adjusted NIM down 2bp QoQ
    1. 2bps one-off interest credit in 4Q'20
  • Expected drivers of NII in FY'21:
    1. Broadly stable NIM over remainder of the year
  1. Continued client demand
  1. Further mix / pricing improvements o Treasury assets tenor extension

Introduction

  • Income Expenses Risk Capital Conclusion

5

Footnotes on pages 18-19; Glossary on page 20

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Standard Chartered plc published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 04:34:04 UTC.


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