Group 1 - Morgan Stanley reports that Standard Chartered Group (02888) has had a strong start to 2026, with first-quarter business trends continuing last year's momentum [1] - Wealth management business has shown robust performance year-to-date, with net new fund inflows remaining strong [1] - Non-recurring income rebounded due to market volatility, although it is compared to a strong first quarter of 2025, resulting in a high year-on-year comparison base [1] Group 2 - Management has reiterated guidance for net interest income and costs to remain roughly flat year-on-year for the fiscal year 2026 [1] - Management is confident about maintaining credit costs at 30 to 35 basis points over the entire cycle, even in a volatile environment [1] - The strategy remains focused on distribution-led business and large international corporations in corporate, financial institutions, and commercial banking sectors [1] Group 3 - Recent geopolitical events have not had a direct impact on employees or operations, according to management [2] - The focus remains on core corporate and investment banking markets in the UAE, Qatar, and Saudi Arabia, with 80% of the risk exposure being investment-grade [2] - In wealth management and retail banking, credit exposure is primarily in UAE mortgage loans, which have low loan-to-value ratios [2]
大摩：渣打集团(02888)首季开局强劲 财富管理业务表现强劲