Standard Chartered Posts Record Profit as Wealth Unit Revenue Soars

The bank’s wealth and retail banking division served as a primary engine for growth, delivering a pre-tax profit of $1.989 billion. This marks a 63 per cent increase compared to the same period last year. Driving these gains were investment products, which climbed 46 per cent, and a 15 per cent rise in bancassurance business. Client acquisition remained robust, with affluent net new money reaching an all-time high of $33 billion.

Investors responded favorably to the results, pushing the bank’s share price up 3.34 per cent on the London Stock Exchange. Beyond the wealth sector, the group reported a 10 per cent rise in profit attributable to ordinary shareholders and a 17 per cent jump in earnings per share to 151.6 cents. While operating income grew by 6 per cent, management maintained strict control over costs, with headline expenses rising only 1 per cent.

Standard Chartered maintains a solid capital position, reporting a Common Equity Tier 1 ratio of 14.2 per cent. Looking toward the remainder of the year, the lender has upgraded its outlook, projecting operating income growth in the middle of its 5 to 7 per cent target range and a return on tangible equity exceeding 12 per cent.