Investment Rating - The report assigns a positive outlook on Standard Chartered PLC with a focus on outperforming the market in the next 12-18 months [6][12][15] Core Insights - Standard Chartered's Q3 2024 revenue and profit exceeded Bloomberg consensus expectations, with a year-on-year revenue growth of 11.4% compared to the expected 7.0% [2][6] - Net interest income grew by 9.1% year-on-year, surpassing the consensus forecast of 7.9%, while other income increased by 14.0%, exceeding the expected 6.3% [2][6] - The bank's net interest margin (NIM) rose by 32 basis points to 1.95%, higher than the expected 1.80% [3][7] - Customer loans and advances grew by 2.2% year-on-year, which was below the expected growth of 3.0%, while customer deposits increased by 5.5%, exceeding the forecast of 4.6% [2][6] Summary by Sections Revenue and Profit - The underlying operating income for Q3 2024 was reported at 178 million, a decrease of 39.5% year-on-year, which was lower than the consensus estimate of $275 million [3][6] - The non-performing loan (NPL) ratio was reported at 2.27%, down 13 basis points from the previous quarter and lower than the expected 2.67% [3][7] Capital Ratios - The Common Equity Tier 1 (CET1) ratio increased by 30 basis points year-on-year to 14.2%, slightly below the consensus forecast of 14.44% [3][7] - The Return on Tangible Equity (RoTE) rose by 3.8 percentage points to 10.8%, exceeding the expected 10.3% [3][6]
渣打集团：营收利润、净息差和不良率均超过预期，贷款增长不及预期