Investment Rating - The report assigns a positive outlook on Standard Chartered PLC (2888 HK) based on its strong performance in Q2 2024, indicating an outperform rating [1]. Core Insights - Standard Chartered's Q2 2024 revenue and profit exceeded expectations, with underlying operating income growing by 5.5% year-on-year, surpassing the consensus forecast of 4.8% [2][5]. - Net interest income increased by 5.1% year-on-year, outperforming the consensus estimate of 3.5%, while other income grew by 6.0%, slightly below the expected 6.5% [2][5]. - The bank's asset quality showed improvement, with credit impairment losses down by 50% year-on-year, significantly better than the expected increase of 78.8% [2][5]. Summary by Sections Revenue and Profit Performance - Basic operating income rose by 5.5% year-on-year, exceeding the consensus forecast of 4.8% [2]. - Net interest income was reported at USD 2,560 million, a 5.1% increase year-on-year, higher than the consensus estimate of USD 2,520 million [4]. - Underlying profit before taxation increased by 14.3% year-on-year, significantly above the consensus forecast of 0.8% [2][4]. Asset Quality - Credit impairment losses were reported at USD 73 million, a decrease of 50% year-on-year, compared to the expected increase of USD 261 million [2][4]. - The non-performing loan (NPL) ratio improved, decreasing to 2.41%, better than the expected 2.73% [2][4]. Capital and Returns - The Common Equity Tier 1 (CET1) ratio increased to 14.6%, up 60 basis points year-on-year, surpassing the consensus estimate of 14.0% [2][4]. - Annualized Return on Equity (ROE) rose to 12.9%, an increase of 80 basis points year-on-year, exceeding the expected 7.38% [2][4].
渣打集团：营收利润增长和资产质量超预期