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Standard Chartered's (SCBFF) Management on Q3 2017 Results - Earnings Call Transcript

Nov. 01, 2017 12:26 PM ETStandard Chartered PLC (SCBFF)
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Standard Chartered PLC (OTCPK:SCBFF) Q3 2017 Earnings Conference Call November 1, 2017 5:30 AM ET


Andy Halford – Group Chief Financial Officer


Ronit Ghose – Citigroup

Manus Costello – Autonomous

David Lock – Deutsche Bank

Martin Leitgeb – Goldman Sachs

Edward Firth – KBW

Tom Rayner – Exane

Joseph Dickerson – Jefferies

Rohith Chandra-Rajan – Barclays

Robert Noble – RBC


Welcome to Standard Chartered’s Update for the Third Quarter of 2017. Today’s call is being hosted by Andy Halford, group Chief Financial Officer. [Operator Instructions] At this point, I’d like to hand over to Andy to begin.

Andy Halford

Thank you, Jody, and good morning or good afternoon, depending upon where you dialed in from. Hopefully, you’ve by now had a chance to read our third quarter statement. I’ll spend a few minutes setting the context and drawing out some of the key highlights before taking your questions.

So overall, we have continued to make steady progress. Third quarter income of $3.6 billion was up 4% compared with the same quarter last year or up 5% on a cumulative 9-month basis, with growth in all four of client segments off the back of good momentum in both client assets and liabilities. Underlying operating profit before tax was up nearly 80% compared to last year, and our CET1 ratio of 13.6% was 15 basis points lower than the prior quarter, for reasons I’ll explain later, remains comfortably above our target range of 12% to 13%.

We continue to focus on securing higher-quality income to further improve returns and are investing to support that objective. Hopefully, those headlines explain why we are encouraged by the progress so far. Looking at the numbers in a little bit more detail, starting with income. At a group level, as I said, income in the quarter was up 4% year-on-year or

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