Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Standard Chartered reported its 1Q2021 results with net profits more than doubling to $1.1bn vs. $517mn a year ago. Like its peers, profits were helped by a sharp reduction in credit impairments of $20mn vs. $936mn YoY. Wealth Management reported a record $641mn operating profit, up 21% while financial markets reported a 14% decline to $1.33bn. Net interest margins (NIMs) were down 30bp YoY to 1.22% and the bank said it expects expenses to increase slightly this year as it continues to invest in enhancing its digital capabilities. StanChart also said it plans to reduce office space by about 33% in the next five years and halve its global branch network to about 400 branches. Its CET1 ratio (Term of the day, explained below) stood at 14% as compared to 14.4% end-2020.

StanChart’s bonds were almost unchanged with its USD 6% Perp at 109.7, yielding 3.5%.

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