May 2, 2018 / 4:31 AM / 3 months ago

BRIEF-Standard Chartered Posts Q1 Underlying Profit Before Tax Of $1.3 Bln

May 2 (Reuters) - Standard Chartered Plc:

* Q1 STATUTORY PROFIT BEFORE TAX OF $1.2BN

* Q1 UNDERLYING PROFIT BEFORE TAX OF $1.3 BILLION, UP 20 PER CENT

* AS AT QUARTER END CET1 RATIO OF 13.9 PER CENT WAS UP 26 BASIS POINTS SINCE END OF 2017

* Q1 STATUTORY PROFIT BEFORE TAX OF $1.2 BILLION INCLUDED RESTRUCTURING CHARGES OF $70M RELATING PRIMARILY TO PRINCIPAL FINANCE

* NET LOANS AND ADVANCES TO CUSTOMERS WERE UP 3 PER CENT IN QUARTER TO $295BN

* Q1 LOAN IMPAIRMENT NOW ON AN IFRS 9 BASIS OF $191 MILLION WAS AT A SIMILAR LEVEL TO THE SAME PERIOD IN 2017

* Q1 STATUTORY PBT INCLUDES RESTRUCTURING CHARGES RELATING TO PRINCIPAL FINANCE THAT ARE EXPECTED TO REDUCE OVER BALANCE OF YEAR

* CREDIT QUALITY FOR THE GROUP OVERALL HAS IMPROVED YEAR-ON-YEAR AND REMAINED STABLE IN THE FIRST QUARTER

* DELIVERED 95 PERCENT OF 4-YEAR $2.9 BILLION GROSS COST EFFICIENCIES TARGET SET IN NOVEMBER 2015 AND IS ON TRACK TO EXCEED IT BY END OF 2018

* Q1 REGULATORY COSTS WERE 2 PERCENT LOWER FOLLOWING THE IMPLEMENTATION OF SEVERAL PROGRAMMES IN 2017 Source text for Eikon: Further company coverage:

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