Standard Chartered saw net new money from affluent clients double, contributing to its multi-year target of $80 billion.
In the first quarter of 2024, net new money from affluent clients at Standard Chartered doubled year-on-year to $11 billion, according to the bank’s financial results. New-to-bank client onboarding also saw «continued momentum».
At end-2023, Standard Chartered announced that it would target $80 billion in net new money from the affluent segment over the next three years. It also aims to increase the number of international affluent clients from 274,000 to over 375,000 by 2026. Global head of wealth solutions Samir Subberwal said that Asia would be a major contributor in a recent interview with finews.asia.
Wealth and Retail Profit
As a result, wealth solutions income increased 21 percent to $616 million in the first quarter. Wealth solutions is part of the wealth & retail banking unit which saw pre-tax profit rise 8 percent to $729 million. This includes an 8 percent increase in income to $1.9 billion and a 1 percent in increase in expenses to over $1 billion.
Overall, the bank's pre-tax profit during the period rose 6 percent to $1.9 billion.
