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Bond Market News
StanChart Reports Soft Results
February 18, 2022
Standard Chartered (StanChart) reported its Q4 2021 and annual results. Quarterly net losses stood at $382mn vs. a loss of $476mn during the same period in 2020. For the full year 2021, net profits stood at $2.3bn vs. $751mn in 2020. Net interest income stood at $1.7bn in Q4 and $6.8bn in 2021, witnessing a 4% and 1% drop respectively. Net interest margins were down 5bp and 10bp to 1.19% and 1.21% during the quarter and full-year respectively. The group took a $300mn writedown on the value of its Bohai Bank investment in China, and another $95mn ‘management overlay’ against expected charges in the real estate sector. However, the company said it will invest a further $300mn in the China as aprt of grabbing a bigger share in the economy. Annual results were helped by a sharp decrease in credit impairment charges to $263mn vs. $2.3bn in 2020. The bank said it would start a $750m share buy-back imminently that could reduce its CET1 ratio by ~30bp. Its CET1 ratio stood at 14.1%, down 50bp QoQ.
StanChart’s dollar bonds were flat with its 4.3% Perps trading at 91.5, yielding 5.9%.
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