Standard Chartered Bank | Europe 2Q26:13% PBT beat from better top line. Guidance revised up modestly, limited impact on consensus

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Standard Chartered Bank | Europe 2Q26:13% PBT beat from better top line. Guidance revised up modestly, limited impact on consensus

Update

July 29, 2026 05:23 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MStandard Chartered Bank | Europe Nick Lord

Equity Analyst

2Q26: 13% PBT beat from Nick.Lord@morganstanley.comAitong Li +65 6834-6746

Research Associate

Aitong.Li@morganstanley.com +65 6834-6295

better top line. Guidance Morgan Stanley Europe S.E., Madrid Branch+

Alvaro Serrano

Equity Analystrevised up modestly, limited Alvaro.Serrano@morganstanley.com +44 20 7425-6942

Morgan Stanley Asia (Singapore) Pte.+impact on consensus Selvie Jusman, CFA

• Revenue beat was driven by non-NII and was despite a U$57m DVA loss. Selvie.Jusman@morganstanley.com +65 6834-6517

Beats across product lines, led by wealth solutions and transaction services. Morgan Stanley & Co. International plc+

Net new money of US$15bn (MSe US$16bn). Almario Sulaj

• Opex 2% below MSe/cons, mainly driven by a notable item of US$74m Almario.Sulaj@morganstanley.com +44 20 7425-2049

release of provisions on Korea equity-linked securities portfolio.

• US$150mn credit charge included additional overlay of US$44mn. Some Standard Chartered Bank (STAN.L, STAN LN)

increase in early alerts related to Middle East, plus stage 2 increase from Banks | United Kingdom

exposures already covered by overlays. Stock Rating Overweight

Industry View Attractive

• CET1 of 14.2%, ahead of expectation on lower RWAs (although this should Price target 2,369p

Shr price, close (Jul 28, 2026) 2,097p

reverse in 2H). Share buyback of US$1bn (MSe US$1.1bn), with DPS of 20.4c

52-Week Range 2,278-1,285p

(MSe 13c, cons. 17.8c). Up/downside to price target (%) 13

Avg daily trading value (mn) £102