The following is a summary of the Standard Chartered PLC (SCBFF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Standard Chartered reported significant growth in Q1 2024, with a 20% rise in income, excluding notable items to total $234 million.

• Pre-tax profit increased by 27%, driven by moderate expense growth and modest loan impairments.

• The CET1 ratio remained robust and a $1 billion share buyback is progressing well.

• Underlying profit before the tax was up by 27% to $2.1 billion.

• The bank's underlying effective tax rate was 26%, expected to be similar for the full year 2024.

• The company's customer loans and advances increased to $283 billion.

Business Progress:

• Profits have increased across various sectors - Wealth Solutions rose by 23%, Banking income by 17%, and Markets by 17%.

• Significant progress has been made on simplification initiatives, including changes to the organizational structure and the ongoing Fit For Growth initiative.

• Standard Chartered reaffirmed its 2024 guidance and continues to prioritize cost management with a target to keep costs below $12 billion by 2026.

• Despite the high-interest-rate environment, some growth was observed in the CIB Trade & Working Capital and Market and Banking sector due to client activity.

• Investment is ongoing in the Wealth Solutions franchise with the addition of new relationship managers in key markets.

• The bank is expanding its Fit For Growth program with a continuous emphasis on return on tangible equity.

• Future growth is expected in risk-weighted assets contributing to the overall capital generation over the year. The company expects to maintain CET1 between 13% and 14%.

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