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Standard Chartered - Turnaround sputtering

Standard Chartered shares are down over 6% this morning after the bank announced underlying profits before tax of $458m, although substantial restructuring charges reduced this to $153m at the reported level.

Nicholas Hyett, Equity Analyst at Hargreaves Lansdown:

"The Standard Chartered turnaround story seems to be struggling.

Costs and loan impairments are both falling, while the liquidation portfolio, essentially the bad bank, is being rapidly wound down. That’s all good news, but unfortunately it’s not being accompanied by a stronger performance in the remaining ‘core’ businesses.

Income was flat quarter on quarter, and the group has warned of tough market conditions ahead. Not so long ago the bank was targeting a return on equity of 8% in 2018 and 10% by 2020 – there’s no sign of those targets now.

Standard Charted is certainly in a healthier position than it was a year ago, but it’s also smaller, and is delivering pretty close to zero growth. Not what investors expect when investing in emerging markets."


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