Capitalizing on the China opportunity is one of Standard Chartered’s key strategic points of focus and it has reached half of its previously announced goal to double profits from the market.
In the first six months of 2023, Standard Chartered saw profits from its onshore and offshore China business quadruple to $700 million, according to the bank’s results. The offshore business saw income growth of 59 percent during the period. The number of newly onboarded affluent clients doubled in China and tripled in Hong Kong.
Overall, the bank recorded a first half pre-tax profit of $2.7 billion in Asia and $3.2 billion globally.
«Seize China»
In February 2022, Standard Chartered announced five strategic actions that it would undertake, including the so-called «seize China» opportunity. This includes the goal of doubling China onshore and offshore pre-tax profits to $1.4 billion by 2024.
«In May, we held an Asia-focused investor and analyst seminar in Hong Kong and Singapore where Ben Hung, our Asia CEO, together with other members of his management team, showed how we will continue to leverage our unique advantages to invest and capture the significant opportunities for growth in the region,» the bank said.
«A key focus of the discussion was China opening its financial and capital markets, and how this will drive growth for the group.»
