Investment Rating - The report maintains an "Outperform" rating for Standard Chartered PLC (2888 HK) with a target price of 88.16 [46]. Core Insights - The company's Q4 2023 earnings report showed a pre-tax profit increase of 824.4% year-on-year, exceeding Bloomberg consensus expectations of 766.8% [2][5]. - Net interest income grew by 6.0% year-on-year, surpassing the consensus forecast of 5.7% [2][5]. - The Common Equity Tier 1 (CET1) ratio increased to 14.10%, higher than the expected 13.95% [2][5]. Summary by Sections Earnings Performance - Q4 2023 revenue growth was 6.9% year-on-year, below the consensus estimate of 10.9% [2]. - Underlying profit before taxation was reported at 1.16 billion USD, reflecting a 63.0% year-on-year increase [4]. - The statutory profit before taxation reached 1.14 billion USD, marking an 824.4% increase year-on-year [4]. Asset Quality - Credit impairment losses were reported at 62 million USD, significantly lower than the consensus estimate of 474 million USD [2][4]. - The non-performing loan (NPL) ratio decreased by 15 basis points to 2.47%, higher than the expected 2.03% [2][4]. Capital and Dividends - The CET1 ratio improved by 0.1 percentage points year-on-year to 14.10%, exceeding the consensus forecast [2][4]. - The company announced a 50% increase in annual dividends and a 1 billion USD share buyback plan [2][4].
利润超预期，不良率环比下降，计提少于预期