Outlook
Our guidance remains unchanged from that set out at our full-year results on 21 February 2024. We continue to target a return on
average tangible equity ('RoTE'), excluding the impact of notable items, in the mid-teens for 2024, with banking net interest income ('banking
NII') of at least $41bn, dependent on the path of interest rates globally. We are reconfirming our cost growth guidance of approximately 5%
for 2024 compared with 2023, on a target basis, and ECL charges as a percentage of average gross loans of around 40bps in 2024.
Our guidance reflects our current outlook for the global macroeconomic environment, including customer and financial markets activity. This
includes our modelling of a number of market dependent factors, such as market-implied interest rates (as of early April 2024), as well as
customer behaviour and activity levels.
We intend to manage our CET1 capital ratio within our medium-term target range of 14% to 14.5%, with a dividend payout ratio target of
50% for 2024, excluding material notable items and related impacts.