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    STAN   GB0004082847

STANDARD CHARTERED PLC

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Standard Chartered's Quarterly Profit Rises 18% as Asia-Focused Banks Rebound

04/28/2021 | 11:11pm EDT

By Yifan Wang

Standard Chartered PLC said Thursday that its profit rose 18% in the first quarter, as the Asia-focused bank got a boost from the region's fast-recovering economies.

The upbeat earnings from Standard Chartered followed results from peer HSBC Holdings PLC, which earlier this week reported a more than doubling of its first-quarter profit, in a sign of the strength of Asia's economic rebound from the peak of the pandemic's impact.

Standard Chartered's first-quarter pretax underlying profit was $1.45 billion, compared with $1.22 billion a year earlier. The improvement was driven by sharply lower impairments, as the bank turned more optimistic about its business momentum.

Operating income fell 9% to $3.94 billion, dragged by weaker net interest income amid a low-interest-rate environment globally. Its net interest margin fell 0.30 percentage point to 1.22% in the period.

The lender said it expects impairment costs to reduce significantly for the rest of the year, while income could start growing again in the second half of 2021, given the broadly stabilized net interest margin.

It reiterated its confidence in the outperformance of Asian markets amid the global recovery from the pandemic.

"We believe that some of our larger markets will continue to drive the global economy out of recession over the coming quarters," the bank said.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

04-29-21 0111ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.62% 33823.45 Delayed Quote.12.07%
HSBC HOLDINGS PLC 0.31% 439.4 Delayed Quote.15.63%
STANDARD CHARTERED PLC 0.19% 486.2 Delayed Quote.4.16%
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Financials (USD)
Sales 2021 15 128 M - -
Net income 2021 2 015 M - -
Net Debt 2021 - - -
P/E ratio 2021 7,57x
Yield 2021 3,92%
Capitalization 15 110 M 21 055 M -
Capi. / Sales 2021 1,00x
Capi. / Sales 2022 0,95x
Nbr of Employees 82 084
Free-Float 93,6%
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Number of Analysts 22
Average target price 7,89 $
Last Close Price 4,85 $
Spread / Highest target 109%
Spread / Average Target 62,5%
Spread / Lowest Target 17,9%
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Managers and Directors
NameTitle
William Thomas Winters Group Chief Executive Officer & Executive Director
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
JosÚ Vi˝als Group Chairman
Michael Gorriz Group Chief Information Officer
David Whiteing Group Chief Operating Officer
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