Business
SCPLC Half Year Results 2023 - Part 1
SCPLC Half Year Results 2023 - Part 1.
About this update from Standard Chartered Plc
[{"type":"text","content":"\n\nStandard Chartered PLC - Half Year Results 2023 - Part 1\nTable of content\n\n\n\n\nPerformance highlights\n\n\n2\n\n\n\n\nStatement of results\n\n\n5\n\n\n\n\nGroup Chief Executive's review\n\n\n6\n\n\n\n\nGroup Chief Financial Officer's review\n\n\n9\n\n\n\n\nSupplementary financial information\n\n\n18\n\n\n\n\nUnderlying versus statutory results reconciliations\n\n\n31\n\n\n\n\nAlternative performance measures\n\n\n36\n\n\n\n\nGroup Chief Risk Officer's review\n\n\n38\n\n\n\n\n\n\n\n\nPage 1\nStandard Chartered PLC - Results for the first half and second quarter ended\n30 June 2023\nAll figures are presented on an underlying basis and comparisons are made to 2022 on a reported currency basis, unless otherwise stated.\nBill Winters, Group Chief Executive, said:\n\"We have delivered a very strong set of results for the first six months of 2023. Income was up 18 per cent year-on-year and underlying profit before tax was up 29 per cent to $3.3 billion. We remain strongly profitable, highly liquid, and well capitalised. These attributes enable us to return a further $1 billion to our shareholders through a new share buy-back announced today. Also reflecting our confidence in the business, we are upgrading our 2023 guidance for income, jaws and RoTE which we now expect to be 10 per cent for the full year.\"\nSelected information on 2Q'23 financial performance with comparisons to 2Q'22 unless otherwise stated\n• Return on tangible equity (\"RoTE\") of 12.1%, up 4%pts year-on-year (\"YoY\")\n• Income up 20% to $4.6bn, up 24% at constant currency (\"ccy\")\n- Net interest income, up 33% at ccy to $2.4bn; other income, up 15% at ccy to $2.1bn\n- Net interest margin (\"NIM\") up 8bps since 31.3.23 to 1.71%, up 6bps from rising interest rates and up 4bps from hedges rolling off, down 2bps from adverse liability and asset mix; deposit migration and betas performing as expected\n- Record Financial Markets (\"FM\") up 15% at ccy, up 27% excluding non-repeat of $122m gain on mark-to-market (\"MTM\") liabilities in 2Q'22\n- Wealth Management (\"WM\") up 10% at ccy, reversing five quarters of YoY declines\n• Expenses increased 11% YoY to $2.8bn, or up 14% at ccy\n- Increase due to inflation, business growth and phasing of performance related-pay accruals \n- Positive 10% income-to-cost jaws\n•...