SCBFF - Standard Chartered PLC reports Q4 results; initiates FY23 guidance

• Standard Chartered PLC press release ( OTCPK:SCBFF ): Q4 net loss of $264M.
• Underlying profit before tax of $0.5B, up 17% at ccy
• Revenue of $2.02B (+18.8% Y/Y).
• The Group’s CET1 ratio of 14.0 per cent was 19 basis points lower than at 31 December 2021, but approximately 50 basis points above the CET1 ratio at 1 January 2022 when regulatory changes, which reduced the Group’s CET1 ratio, came into force.
• Return on tangible equity of 8.0%, up 120bps year-on-year.
• Outlook: "For 2023 and 2024 our expectations are now: Income to grow in the 8-10% range excluding DVA and at ccy; Full year average NIM of around 175bps in 2023 and above 180bps in 2024; Asset and RWA growth in the low single digit percentage range; Around 3% positive income-to-cost jaws in 2023 and in 2024, excluding DVA and UK bank levy at ccy; Credit impairment to continue to normalise towards the historic through the cycle loan-loss rate range of 30-35bps; to operate dynamically within the full 13-14% CET1 target range; RoTE to be approaching 10% in 2023; RoTE to exceed 11% in 2024, with further growth thereafter."

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