London-based Standard Chartered saw profits soar in Asia with contributions across the board, including the cash management and financial markets businesses.
Standard Chartered posted a pre-tax profit in Asia of $1.4 billion in the second quarter of 2023, according to the bank’s financial results, marking a 47 percent year-on-year surge.
Operating income increased 20 percent to $3.2 billion with contributions from cash management, retail deposits and financial markets income, which was offset by lower mortgage income and a loss in treasury markets. Operating expenses grew 5 percent to $1.8 billion. Overall, the bank’s Asia pre-tax profit in the first half of 2023 rose 55 percent to $2.7 billion.
Wealth Rebound
The bank also highlighted that its wealth management unit saw growth in the second quarter, after five successive quarters of year-on-year declines. This was driven by continued investments in the business and a rebound in customer activity in Hong Kong and China.
Globally, Standard Chartered's pre-tax profit rose 18 percent to $1.5 billion in the second quarter of 2023 and 20 percent to $3.3 billion in the first half.
