Standard Chartered: Broad-based performance with Wealth fireworks

研报英文原文证据摘录

Standard Chartered: Broad-based performance with Wealth fireworks

C A Z E N O V E Europe Equity Research

29 July 2026

Standard Chartered Overweight

STAN.L, STAN LN

Broad-based performance with Wealth fireworks Price (28 Jul 26):2,097p

Price Target (Dec-27):2270.0p

StanChart’s 2Q performance was strong and broad-based, with Attributable profits European Banks

AC17% ahead of company-compiled consensus, driven by income 3% ahead and pre- Kian Abouhossein

provision profits 9% ahead. We expect low-mid single digit% upgrades to (44-20) 7134-4575

consensus EPS FY26-28E, with stronger revenues (with further upside from kian.abouhossein@jpmorgan.com

higher rates) partly offset by higher costs, reflecting upgraded FY26E total income J.P. Morgan Securities plc

guidance to the middle of the 5-7% range (vs cons. 6.4%) which looks conservative Sheel Shah, CFA

considering the momentum in non-Interest income. Wealth (+43% y/y and 16% (44-20) 7134-8455

sheel.shah@jpmorgan.com

above expectations) had a strong quarter with $15bn of net new money, alongside J.P. Morgan Securities plc

Banking (+18% y/y), while Markets flow income (+16% y/y) offset weaker

Venkat Madasu

Episodic income as flagged. NII was 1% ahead supported by +2% q/q loan & (44-20) 3493-9041

deposit growth, with FY26 NII guidance upgraded to low single-digit% growth (vs venkat.madasu@jpmorgan.com

cons. +2% y/y) despite a higher time deposit mix expected within WRB. The J.P. Morgan Securities plc

Group saw 76k Affluent new to bank clients in 2Q and the pace of onboarding Katherine Lei

remained unchanged through the quarter, against the backdrop of ODI changes as (852) 2800-8552

of 1 July. Expenses were 2% lower than expectations (and broadly in line excluding katherine.lei@jpmorgan.com