The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Thomas Andrew John Rayner - Numis Securities Limited, Research Division - Analyst
: Can I have 2, please. Just firstly to go back to, I think, Perlie's question on the impairment guidance sort of heading towards the normalised 30 to
35. I mean the only 2 areas I think you've really flagged in recent periods as being of concern has been China CRE and the sovereign issues. And
looking at the presentation today, it looks like you're fairly confident that things are stabilising now in China CRE. And we have seen write-backs
against some of the sovereigns. And I think excluding all write-backs, the underlying charge in Q1 was 12 basis points. So there's quite a big move
from that sort of 12 run rate back up to sort of 30 to 35. I just wondered if there's any specific areas which are performing well now, which you are
concerned might deteriorate, maybe CRE and other economies, more developed economies, perhaps. But I'm just wondering if there's anything
that you could point to more specifically to sort of help explain that move. And I have a second one, please, just on guidance.
Question: Thomas Andrew John Rayner - Numis Securities Limited, Research Division - Analyst
: Okay. Just on the second one, probably for Andy. I mean, it's just on the guidance, the sort of revenue guidance of 10% on the constant currency
basis. I mean it says I think you're expecting $200 million of adverse FX impacts this year. So am I right in my math to say that, that would be revenue
of about $17.1 million versus the $17.3 million, which is your current consensus. And then doing the same adjustment on the cost for FX and taking
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
APRIL 26, 2023 / 7:00AM, STAN.L - Q1 2023 Standard Chartered PLC Earnings Call
the 3% jaws, drops you out at somewhere around $11 billion, which again I think pre-provision level is maybe $100 million light of where consensus
is. Is that the right sort of ballpark? Am I thinking about that correctly?
|
