2
April 2024
Standard Chartered
PLC
Presentation of Financial
Information
Standard Chartered PLC ("the Group")
has today made available on its website (www.sc.com/en/investors/financial-results)
a data-pack with revised financial information for the past eight
quarters reflecting two changes to the presentation of its
financial information. This is to aid comparisons with prior
periods at its results for the first quarter of 2024 to be
published on 2 May 2024.
The first change relates to the way
the Group reports is geographic performance. As announced on 12
March 2024, effective 1 April 2024 the Group has changed its
management structure to create a simpler and more efficient
organisation. To ensure clear accountabilities to better drive
global priorities through each of the business lines into the
markets where they operate, the regional dimension will now be
removed from the reporting structure.
Reflecting this change Asia, Africa
& Middle East, Europe & Americas and Central & other
items (region) will no longer be disclosed. The Group's Underlying
performance by key market disclosure will now include Other, as a
consolidation of all the other markets.
The second change reflects the Group
renaming, reorganising and simplifying the external reporting of
its segments and products. These changes provide clearer, more
intuitive descriptions of the underlying business activities whilst
bringing together products with similar income and balance sheet
attributes.
The Group has renamed its Corporate,
Commercial and Institutional Banking segment "Corporate and
Investment Banking" (CIB). The product lines that serve CIB will be
reported on the following basis:
·
Transaction
Services: This will comprise the
Group's "Payments and Liquidity" product, previously named Cash
Management, and Trade & Working capital. In addition, the Group
will report income related to Securities Services, previously
reported in its Financial Markets business in Financing &
Securities Services in Transaction Services.
·
Banking: This will comprise the
Capital Markets & Advisory product, previously reported in the
Financial Markets business in Financing Solutions & Issuance
and the Lending & Financial Solutions product, previously
reported in Lending and Portfolio Management
·
Markets: The Macro Trading and
Credit Trading products previously reported in Financial Markets
will be reported in "Markets", in addition to related valuation and
other adjustments previously reported in Financing & Securities
Services
The Group has renamed its Consumer,
Private and Business Banking segment "Wealth and Retail Banking"
(WRB). The product lines that serve WRB will be reported on the
following basis:
·
Wealth
Solutions: Wealth Management has been
renamed "Wealth Solutions"
·
CCPL & Other
Unsecured Lending: no
change
·
Deposits: no change
·
Mortgages &
Other Secured Lending: This will
comprise the Group's "Mortgages" product, previously named
Mortgages & Auto and the Group's "Other Secured Lending"
product, previously named Other Retail Products
·
Deposits and Mortgages & Other Secured Lending
products also includes income related to certain Small & Medium
Enterprise clients (formerly known as Business Banking) previously
reported in Transaction Banking Cash Management and Lending &
Portfolio Management products
The changes summarised above have not
resulted in any changes to the reported income or balances at the
Group level and have had no impact on the consolidated results of
the individual segments.
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