Half Year 2021 Standard Chartered PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas Andrew John Rayner - Numis Securities Limited, Research Division - Analyst : Yes. I've got a question for Andy and then one for Bill, please. Andy, can I just start? Given your sort of overall business model, your internal systems, et cetera, I mean, how much visibility do you have on net interest margins looking forward? I mean, I asked this because at the time of Q1 results, there was only a couple of months left really of Q2. And I don't recall there being much indication of the type of NIM pressure coming through that we've now seen, sort of down 4% Q2 on Q1 ex the accounting adjustment which could turn into a sort of potential drag of about $300 million, I think, in terms of revenue. So I just wondered if you could maybe talk about that, please. And then for Bill, stock's trading still at less than 0.5x tangible book. And I guess, my question is, is it going to be possible to justify any inorganic acquisitions -- inorganic growth compared to a share buyback when your stock is trading at the current rating?