Standard Chartered 1Q15 PBT down 22% YoY at $1.4b

There were weaker revenues and lower provisions.

Standard Chartered reported 1Q15 PBT of $1,467m, in line with Barclays forecast, down 22% YoY, but up 271% on 4Q14 which included a particularly high provision charge.

According to a research note from Barclays, however, the mix was a little weak with revenues 6% below Barclays' forecast, and down 4% YoY with all divisions except Retail showing YoY declines.

This was offset by lower provisions which are below the last two quarters of 2014 but 80% worse YoY.

Here's more from Barclays:

Income was down 4% YoY (1% constant currency) of which 1% is due to business exits. There has been some volume growth with loans +2% in the quarter but down 1% underlying (ex short tenor IPO financing).

Corporate & Institutional revenues were down 5% YoY, partly offset by a 2% YoY improvement in Retail.

Provisions were up 80% YoY but half the Q4 level. Retail provisions are reported 14% better YoY while Corporate & Institutional remains high albeit lower than the last 2 quarters.

Current management reiterated targets of moving to an 11-12% CET1 ratio and delivering more than $0.4bn in sustainable cost saves.