Edition:
United Kingdom

Standard Chartered Posts FY Statutory Profit Before Taxation Of $2.55 Bln


Tuesday, 26 Feb 2019 

Feb 26 (Reuters) - Standard Chartered Plc ::AS AT DEC-END COMMON EQUITY TIER 1 RATIO 14.2 PERCENT VERSUS 14.5 PERCENT AS AT SEPT 30.FY UNDERLYING PROFIT BEFORE TAXATION $3,857 MILLION VERSUS $3,010 MILLION.FY STATUTORY PROFIT BEFORE TAXATION $ 2,548 MILLION VERSUS $2,415 MILLION.RECOMMENDED A FINAL DIVIDEND OF 15 CENTS PER ORDINARY SHARE.FY UNDERLYING OPERATING INCOME $14,968 MILLION VERSUS $14,289 MILLION.FY NET INTEREST MARGIN 1.58 PERCENT VERSUS 1.55 PERCENT.FY STATUTORY OPERATING INCOME $ 14,789 MILLION VERSUS $14,425 MILLION.RETURN ON TANGIBLE EQUITY TARGETED TO BE AT LEAST 10% BY 2021.FY NET INTEREST INCOME INCREASED 8% AND NET INTEREST MARGIN IMPROVED 3 BASIS POINTS TO 1.58%.FY UNDERLYING ROE 4.6% PERCENT VERSUS 3.5 PERCENT.INTEND TO DISTRIBUTE TO SHAREHOLDERS SURPLUS CAPITAL THAT IS NOT DEPLOYED TO FUND ADDITIONAL GROWTH.SEES "SIGNIFICANT IMPROVEMENT IN PROFITABILITY DRIVEN BY HIGHER QUALITY INCOME GROWTH WITH COST AND ASSET ORIGINATION DISCIPLINE".CAUTIOUSLY OPTIMISTIC ON GLOBAL MACROECONOMIC ENVIRONMENT.FY UK BANK LEVY WAS $324M; IN 2021 IT WILL BE CHARGEABLE ON ONLY GROUP'S UK BALANCE SHEET.RETURN ON TANGIBLE EQUITY TARGETED TO BE AT LEAST 10% BY 2021."SOLID START TO 2019, ALTHOUGH DOWN SLIGHTLY COMPARED TO 2018 DUE TO STRONGER USD AND BUOYANT CONDITIONS LAST YEAR IN WM AND FM".EXPECTS TO INCUR FURTHER $500 MILLION OF RESTRUCTURING CHARGES OVER NEXT 3 YEARS IN ORDER TO EXECUTE REFRESHED PRIORITIES.