Standard Chartered Plc · LSE:STAN
Standard Chartered — Q4 2025 Earnings Presentation
45 slides from Standard Chartered's earnings presentation, Feb 24, 2026
Slide 1: Q4 & FY 2025 Results Presentation
Q4 & FY 2025 Results Presentation 24 February 2026
Slide 2: 2025 key highlights: Accelerating delivery on our strategy
CONFIDENTIAL 2025 key highlights: Accelerating delivery on our strategy RoTE Underlying RoTE of 14.7%, ahead of ~13% guidance We have delivered our 3-year plan a year early Income 8% income growth YoY at ccy excluding notable items1 Today, we are setting out our 2026 expectations Profit Underlying P
Slide 3: 2024-2026 plan achieved a year early
INTERNAL 2024-2026 plan achieved a year early Upgraded 3-year plan achieved a year early Three-year 5-7% income CAGR achieved within two years, with ~20% income growth from 2023 to 2025 Positive income-to-cost jaws1 achieved in both 2024 and 2025 FY’25 underlying RoTE of 14.7%, exceeding the upgrade
Slide 4: Significant RoTE progression
CONFIDENTIAL Significant RoTE progression Underlying RoTE (%) 14.7% 11.7% 10.1% 7.7% 6.3% 6.5% 3.9% 4.7% 3.2% (0.4%) 0.3% FY’15 FY’16 FY’17 FY’18 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Statutory RoTE (%) 11.9% 9.7% 8.4% 6.8% 4.8% 4.8% 2.0% 1.6% 0.9% (1.2%) (5.9%) FY’15 FY’16 FY’17 FY’18 FY’19 FY’
Slide 5: CFO update
CONFIDENTIAL CFO update Pete Burrill Interim Group Chief Financial Officer
Slide 6: Performance overview
CONFIDENTIAL Performance overview $m Q4’25 YoY ccy FY’25 YoY ccy 2025 key stats B/(W) B/(W) Underlying RoTE Income to cost jaws1 Net interest income (NII) 2,949 (1%) 11,185 1% 14.7% 4% Non-NII 1,899 1% 9,709 13% up 3%pts YoY positive Operating income 4,848 (0%) 20,894 6% Underlying EPS TNAV per shar
Slide 7: Net interest income up 1% in 2025
CONFIDENTIAL Net interest income up 1% in 2025 • Q4’25 NII up ~$0.2bn or 8% QoQ driven by; NII QoQ ($m) +8% ccy − 86bps increase in HIBOR led to temporary improvement in CASA passthroughs in Q4 and timing benefit in treasury income 172 14 26 2,949 2,737 − HIBOR has since reversed in Q1’26 • As a res
Slide 8: Consistent double-digit growth in non-NII
CONFIDENTIAL Consistent double-digit growth in non-NII Non-NII YoY ($m) FY’25 non-NII product mix • FY’25 non-NII up 13% YoY at ccy; up 17% excluding notable items1 Wealth Solutions − Growth largely from Wealth Solutions, Global Markets and Global Banking Global Markets Global Banking • FY’25 non-NI
Slide 9: Cost driven by business growth and inflation
CONFIDENTIAL Cost driven by business growth and inflation • FY’25 expenses up 4% YoY at ccy driven by: Operating expenses YoY ($m) − Targeted hiring and investments in CIB and WRB Affluent +4% ccy 798 176 12,347 − Impact of one-time regulatory changes to compensation, 67 11,790 (484) and effect of i
Slide 10: Entering the final year of Fit for Growth programme
CONFIDENTIAL Entering the final year of Fit for Growth programme • Fit for Growth (FFG) has continued at pace in 2025, delivering $754m of FFG delivery over time ($bn) run rate savings − Over 300 initiatives now mobilised ~0.5 In-year savings1 ~0.4 • We are maintaining our commitment to end the FFG
Slide 11: We are moving to a reported financial basis in 2026
CONFIDENTIAL We are moving to a reported financial basis in 2026 • FY’26 underlying cost now expected to be ~$12.6bn at ccy, Operating expenses ($bn) compared to the $12.3bn previously guided − Increase largely driven by investment into initiatives which will deliver further productivity and growth
Slide 12: Low levels of impairment in CIB; overall credit quality remains strong
CONFIDENTIAL Low levels of impairment in CIB; overall credit quality remains strong Credit impairment ($m) • FY’25 CIB impairment remained benign at $4m due to net recoveries Group total 557 676 130 219 117 195 145 10 0 • WRB impairment down $28m in 2025 from portfolio 73 59 18 14 11 13 13 22 optimi
Slide 13: Underlying growth in customer loans and deposits
CONFIDENTIAL Underlying growth in customer loans and deposits Loans and advances (L&A) to customers1 ($bn) • FY’25 underlying loans and advances (L&A) up ~5% YoY +4.6% − WRB increase driven by momentum in wealth lending and 7 7 287 281 274 6 mortgages, offset by reduction in unsecured lending (14) −
Slide 14: Robust capital position
CONFIDENTIAL Robust capital position • FY’25 RWA up 4% YoY, or 3% excluding FX impact Risk-weighted assets ($bn) +$11bn − Annual operational risk RWA increase recognised in Q4’25 rather than Q1’26, as earlier guided 5.7 258.0 247.1 3.9 2.4 − Resulting in two operational risk RWA increases in 2025 (1
Slide 15: Exceeded the shareholder distributions target
CONFIDENTIAL Exceeded the shareholder distributions target • ~$9.1bn shareholder distributions announced since Feb’24 Shareholder distributions (since Feb’24) Buyback Ordinary dividends − $6.8bn share buyback, including $1.5bn newly announced − ~$2.3bn ordinary dividends including; $1.5bn o ~$0.9bn
Slide 16: CIB: Double-digit growth in Global Banking and Global Markets
CONFIDENTIAL CIB: Double-digit growth in Global Banking and Global Markets CIB ($m) Q4’25 YoY ccy FY’25 YoY ccy Global Markets: flow and episodic income ($m) B/(W) B/(W) YoY Transaction Services 1,521 (9%) 6,005 (7%) 3,863 1,183 3,450 Global Banking 545 7% 2,229 15% 1,172 907 +3% Global Markets 660
Slide 17: WRB: Consistent strong double-digit growth in Wealth Solutions
CONFIDENTIAL WRB: Consistent strong double-digit growth in Wealth Solutions WRB ($m) Q4’25 YoY ccy FY’25 YoY ccy Affluent clients NNM and AUM ($bn) B/(W) B/(W) Net new money (NNM)1 Assets under management (AUM) Investment Products 553 22% 2,347 28% Bancassurance 124 13% 739 12% 10 52 438 447 Wealth
Slide 18: Upcoming changes to our financial disclosures
CONFIDENTIAL Upcoming changes to our financial disclosures • Group and segment reporting will move from underlying to reported basis • FFG, restructuring & other items of $937m in 2025 will be allocated across income, cost and impairment; these will be reported above the line going forward − Materia
Slide 19: Forward-looking targets to be on a reported basis
CONFIDENTIAL Forward-looking targets to be on a reported basis Income Reported income growth YoY to be around the bottom end of 5-7% range1 NII Net interest income expected to be broadly flat YoY at ccy 2026 guidance Cost Reported cost1 to be broadly flat YoY RoTE Statutory RoTE in 2026 of >12% Medi
Slide 20: CEO update
CONFIDENTIAL CEO update Bill Winters Group Chief Executive
Slide 21: Serving the cross-border needs of our clients in CIB
CONFIDENTIAL Serving the cross-border needs of our clients in CIB Leveraging our network to capture client opportunities… … and growing share of income from Financial Institution clients • FY’25 network income of $7.6bn up 4% YoY or 11% excluding rates impact • Income contribution from FI clients up
Slide 22: Helping our Affluent clients manage wealth across geographies
CONFIDENTIAL Helping our Affluent clients manage wealth across geographies Strong delivery of Affluent net new money (NNM) Our Affluent business yielding results as we continue to invest • Delivered $52bn of Affluent NNM1 in 2025; 61% from international clients • Affluent income now 70% of WRB incom
Slide 23: Innovating in our Ventures business
CONFIDENTIAL Innovating in our Ventures business Digital Banks SC Ventures (SCV) SCV maintained positive momentum, including FVOCI RoTE benefit of ~70bps in 2025 largely from Ripple and Toss Customer numbers up 15% in 2025, reaching ~750k customers Mox banks >10% of Hong Kong’s bankable population S
Slide 24: Delivering on our sustainable finance and net zero commitments
CONFIDENTIAL Delivering on our sustainable finance and net zero commitments Delivering on our net zero commitments • Surpassed the $1bn Sustainable Finance (SF) income target Became net zero in our own operations during 2025 including emissions from: − FY’25 SF income of ~$1.1bn, up 9% YoY • Already
Slide 25: In conclusion
CONFIDENTIAL In conclusion Our 2025 performance demonstrated the ongoing success of our strategy and the resilience of our growth engines Q1’26 has started strongly across CIB and WRB Over $9bn shareholder distributions announced since Feb’24, including the $1.5bn share buyback announced today Targe
Slide 26: Appendices
CONFIDENTIAL Appendices 26
Slide 27: Tangible net asset value (TNAV) movements
CONFIDENTIAL Tangible net asset value (TNAV) movements Tangible equity TNAV per share Basic # of ordinary shares ($m) (cents) (m) As of 30.9.25 38,611 1,684 2,293 Profit attributable to ordinary shareholders 476 21 Movement in intangible assets (86) (4) Dividends paid to: Ordinary shareholders - - O
Slide 28: Product income
CONFIDENTIAL Product income $m Q4’25 YoY YoY ccy FY’25 YoY YoY ccy B/(W) B/(W) B/(W) B/(W) Transaction Services 1,521 (145) (9%) 6,005 (429) (7%) Payments & Liquidity 1,065 (128) (11%) 4,155 (450) (10%) Securities & Prime Services 173 12 9% 648 37 7% Trade & Working Capital 283 (29) (10%) 1,202 (16)
Slide 29: Consistent flow income growth; episodic income range-bound
CONFIDENTIAL Consistent flow income growth; episodic income range-bound Global Markets: Flow and episodic last 12-month rolling income1 ($bn) Episodic Flow 1.1 1.1 0.9 0.9 0.9 1.2 1.0 1.1 0.7 1.1 0.9 0.8 0.7 0.7 1.0 0.9 1.1 1.1 1.0 0.7 1.0 0.8 0.7 0.7 0.7 2.8 2.9 3.0 2.6 2.7 2.3 2.4 2.5 2.2 2.3 2.3
Slide 30: Interest rate assumptions
CONFIDENTIAL Interest rate assumptions Currency-weighted average1 (bps) Dec’25 top 10 currency weightings MYR KRW 389 EUR 2% 2% 332 335 7% 313 310 303 293 286 TWD 6% CNY USD 3% 39% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 GBP 8% Average as of 15.10.25 Average as of 6.2.26 5% bps 15.10.25 Chan
Slide 31: Hedging strategy reducing NII volatility
INTERNAL Hedging strategy reducing NII volatility Hedge evolution Interest rate risk in the banking book (IRRBB) • Overall duration strategy includes: • FY’25 NII sensitivity increased due to balance sheet growth and HKD rate movements partially offset by an increase in structural hedging − Treasury
Slide 32: Stronger risk foundations supporting resilient performance
CONFIDENTIAL Stronger risk foundations supporting resilient performance • Key portfolio indicators improved since FY’14 reflecting: Risk indicators bps − Portfolio diversity, lower concentrations, proactive management 200 100% − CIB focus on top-tier clients, WRB focus on Affluent & lower CCPL 83% 1
Slide 33: Strong underlying performance founded on a diverse franchise
CONFIDENTIAL Strong underlying performance founded on a diverse franchise 54 $20.9bn $7.9bn 59% 14.7% Operating income Profit before tax Cost-to-income ratio Return on tangible equity Markets (FY’24: $19.7bn) (FY’24: $6.8bn) (FY’24: 60%) (FY’24: 11.7%) FY’25 income by product and segment1 FY’25 inco
Slide 34: Strong foundations from a diversified balance sheet
CONFIDENTIAL Strong foundations from a diversified balance sheet 14.1% 33.5% 4.7% 155% 139% 51% CET1% MREL% Leverage ratio LCR1 NSFR2 Advances-to- min. requirement: min. requirement: min. requirement: min. requirement: min. requirement: deposits ratio 10.3% 28.4% 3.7% 100% 100% Total assets by marke
Slide 35: Balance sheet is conservatively positioned
CONFIDENTIAL Balance sheet is conservatively positioned • Highly liquid and flexible balance sheet Balance sheet Total equity & Total assets Since 30.9.25 liabilities Since 30.9.25 − ~60% of total assets mature in under 1 year $920bn Δ 1% $920bn Δ 1% − High-quality liquidity pool1 ~30% assets or ~50
Slide 36: Strong and diverse deposit base; franchise delivers deposit quality
CONFIDENTIAL Strong and diverse deposit base; franchise delivers deposit quality • Well-diversified deposit base across 54 markets Customer deposits by market4 − In Hong Kong & Singapore, we are a Domestic SIB1 Hong Kong 12% Singapore • 52% CIB deposits, of which 43% in operational accounts (OPAC) U
Slide 37: Deposit mix stable with PTRs managed assertively
CONFIDENTIAL Deposit mix stable with PTRs managed assertively • CASA/TD mix for both CIB and WRB have been broadly stable QoQ Transaction Services CASA% of CIB deposits3 ($bn) 62% 64% 64% 64% 64% − Temporary reduction in CIB deposits on the back of year-end client activity CASA % − WRB growth largel
Slide 38: High levels of liquid resources and stable funding
CONFIDENTIAL High levels of liquid resources and stable funding • 155%1 LCR up 4%pts QoQ, driven by short-dated flows and collateral Components of Liquidity coverage ratio (LCR)1 151% 155% management 138% • Comfortable to run LCR efficiently without relying on seasonal flows; Other liquid Other liqu
Slide 39: Capital & MREL: Well-positioned for future growth and requirements
CONFIDENTIAL Capital & MREL: Well-positioned for future growth and requirements • Minimum CET1 requirement broadly unchanged QoQ at 10.3% Capital metrics 34.2% 34.1% 33.5% − Pillar 2A reduction of 22bps in Q3’25 10.3% PLC CCB 2.5% Senior • CET1 capacity to support both growth and shareholder distrib
Slide 40: Good progress on delivery of funding programme
CONFIDENTIAL Good progress on delivery of funding programme • 2026 MREL issuance plan of around $9bn with focus on Holdco Senior Maturity & Call schedule of existing stock ($bn)1,2 9.0 − Issued >$4bn YTD’26, comprising $3.7bn Holdco senior and $0.6bn AT1 AT1 1.3 − ~$5bn of issuance to complete 2026
Slide 41: Group strategy to support and, over time, improve credit ratings
CONFIDENTIAL Group strategy to support and, over time, improve credit ratings • Well-rated with strong credit fundamentals, absolutely & relative to peers Senior long-term and short-term ratings − Well-established network is a strength S&P Moody’s Fitch − Funding and liquidity are key strengths A+ A
Slide 42: Standard Chartered Group: simplified legal structure
CONFIDENTIAL Standard Chartered Group: simplified legal structure Standard Chartered PLC MREL: Holdco Senior, Tier 1 & AT1 BBB+/A31/A (S&P/Moody’s/Fitch) Equity CP / CDs Standard Chartered Bank Standard Chartered Bank (Hong Kong) Medium Term Notes A+/A11/A+ A+/A12/- Structured Products Principal Bra
Slide 43: Select technical and abbreviated terms (1/2)
CONFIDENTIAL Select technical and abbreviated terms (1/2) Term Definition Term Definition Adj. Adjustments DPS Dividend per share AIEA Average interest earning assets DVA Debit valuation adjustment: the Group calculates DVA on its derivative ASEAN Association of Southeast Asian Nations liabilities t
Slide 44: Select technical and abbreviated terms (2/2)
CONFIDENTIAL Select technical and abbreviated terms (2/2) Term Definition Term Definition MDA Maximum distributable amount QoQ Quarter-on-quarter min. Minimum RWA Risk-weighted assets. A measure of a bank’s assets adjusted for their MREL Minimum requirement for own funds and eligible liabilities ass
Slide 45: Important notice
CONFIDENTIAL Important notice Forward-looking statements The information included in this document may contain ‘forward-looking statements’ based upon current expectations or beliefs as well as statements formulated with assumptions about future events. Forward-looking statements include, without li