Last checked at 6 Apr 2023 11:00
STANDARD CHARTERED PLC
PRESENTATION OF FINANCIAL INFORMATION
As part of the ongoing execution of its refreshed strategy, Standard Chartered PLC ("the Group") announced on 14th April 2022 that subject to regulatory approval it intends to exit onshore operations in seven markets in its Africa and Middle East ("AME") region, and in a further two markets in AME will focus solely on its Corporate, Commercial and Institutional Banking ("CCIB") client segment ("exit markets"*). Additionally the Group announced on 11 January 2023 that it intends to explore alternatives for the future ownership of its aviation finance business.
As a result of these announcements, effective 1st January 2023, the Group will no longer include the exit markets and the aviation finance business within the Group's underlying operating profit before taxation but will report them within restructuring & other items.
The Group is also reclassifying movements in the Debit Valuation Adjustment ("DVA") out of its underlying operating profit before taxation and into restructuring & other items as an other item.
To aid comparisons with prior periods at its results for the first quarter of 2023 to be published on 26 April 2023, the Group has removed the exit markets, aviation finance and DVA from its underlying operating profit before taxation for the last 8 quarters. A data-pack with revised financial information has been made available today and can be found at the Group's website (Investors)
In addition, the Group has re-allocated income within its Financial Markets business, with Commodities Linked Financing being moved from Credit Trading into Macro Trading and the remaining elements of Structured Finance, following the reclassification of Aviation Finance, being moved into Financing Solutions & Issuances. These product movements have also been reflected in the data-pack. There is no impact on the consolidated results of the CCIB client segment from these changes.
The re-presentations summarised above have not resulted in any changes to the statutory reported financial performance of the Group.
* Exit markets: The Group will make a full exit of operations from seven markets: Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. In Tanzania and Cote d'Ivoire, the Group will exit its Consumer, Private and Business Banking businesses but retain its CCIB businesses
For further information, please contact:
Gregg Powell, Group Head, Investor Relations: +44 (0) 20 7885 5172
Adnan Akhtar, Head of Sell-Side, Investor Relations: +44 (0) 20 7885 7255
Shaun Gamble, Executive Director, Group Media Relations: +44 (0) 20 7885 5934