February 27, 2018 / 4:54 AM / 9 months ago

BRIEF-Standard Chartered Posts FY Statutory Profit Before Tax Of $2.4 Bln

Feb 27 (Reuters) - Standard Chartered Plc:

* FY ‍OPERATING INCOME OF $14.3 BILLION, UP 3%​

* FY OPERATING INCOME OF $14.3 BILLION WAS UP 3% DESPITE A 4% DRAG FROM FINANCIAL MARKETS​

* ‍LOAN IMPAIRMENT OF $1.2 BLN HALVED IN FY ​

* ‍BASIC EARNINGS PER SHARE INCREASED FROM 3.4 CENTS IN 2016 TO 47.2 CENTS IN 2017​

* ‍FY STATUTORY PROFIT BEFORE TAX OF $2.4 BILLION IS STATED AFTER RESTRUCTURING AND OTHER ITEMS AND WAS $2 BILLION HIGHER​

* ‍INDUSTRY-WIDE LOW VOLATILITY DURING 2017 IMPACTED PERFORMANCE IN FINANCIAL MARKETS​

* ‍INCURRED RESTRUCTURING CHARGES IN 2017 OF $353 MILLION​

* ‍ANTICIPATE OPERATING EXPENSES EXCLUDING UK BANK LEVY IN 2018 TO BE BELOW 2015​

* ‍FULL YEAR DIVIDEND OF 11 CENTS PER ORDINARY SHARE PROPOSED FOR 2017​

* “‍INTENDS TO INCREASE DIVIDEND PER SHARE OVER TIME AS GROUP’S PERFORMANCE IMPROVES”​

* ‍CET RATIO OF 13.6% AT YEAR-END REMAINS ABOVE GROUP’S REITERATED 12-13% TARGET RANGE​

* EXPECTS “GROUP TO GENERATE INCOME AT A COMPOUND ANNUAL GROWTH RATE OF BETWEEN 5 AND 7 PER CENT IN THE MEDIUM TERM‍”​

* ‍FY NET INTEREST INCOME INCREASED 5% AND NET INTEREST MARGIN INCREASED SLIGHTLY TO 1.55%​

* EXPECTS “UNDERLYING RETURN ON EQUITY ABOVE 8 PER CENT IN THE MEDIUM TERM‍”​

* FY OPERATING EXPENSES $10,120 MILLION VERSUS $ 9,975 MILLION​

* SAYS FY ‍PROFIT BEFORE TAX $3.0 BILLION, UP 175% AND UP 71% EXCLUDING PRINCIPAL FINANCE​

* ‍UK BANK LEVY IN 2018 IS EXPECTED TO BE AROUND $310 MILLION​

* CEO BILL WINTERS TOTAL 2017 PAY 4.68 MILLION STG VERSUS. 3.39 MILLION STG IN 2016 Source text for Eikon: Further company coverage:

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