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Equity Bottom-Up

Standard Chartered reported a strong first half of 2016, with good progress on its restructuring. The bank reported a first-half pretax profit of $1 billion versus a loss of $550 million last year. We see improvements in nearly all areas as the reforms take hold, but the bank is pushing back its 8% and 10% return on equity targets for 2018 and 2020 indefinitely as a result of weaker global and trade growth expectations and lower-for-longer interest rates.For a relatively short time frame, Standard Chartered is making good progress on its restructuring. Costs fell 13% from last year’s levels to $4 billion, and the bank is on track to exceed its $1 billion goal in cost savings for 2016. Loan impairments were $1.1 billion (or 85 basis points) versus $2.4 billion last year (143 basis points), demonstrating an impact from the bank’s stronger risk controls.Analyst: Stephen Ellis

Standard Chartered reported a strong first half of 2016, with good progress on its restructuring. The bank reported a first-half pretax profit of $1 billion versus a loss of $550 million last year. We see improvements in nearly all areas as the reforms take hold, but the bank is pushing back its 8% and 10% return on equity targets for 2018 and 2020 indefinitely as a result of weaker global and trade growth expectations and lower-for-longer interest rates.For a relatively short time frame, Standard Chartered is making good progress on its restructuring. Costs fell 13% from last year’s levels to $4 billion, and the bank is on track to exceed its $1 billion goal in cost savings for 2016. Loan impairments were $1.1 billion (or 85 basis points) versus $2.4 billion last year (143 basis points), demonstrating an impact from the bank’s stronger risk controls.Analyst: Stephen Ellis

Standard Chartered Reports Strong First Half, Good Progress on Restructuring