UK-based Standard Chartered reported that it added nearly $100 billion of wealth assets in 2024. This occurs shortly after its recent announcement of ambitious net new money targets.
Standard Chartered grew assets under management in its affluent business – wealth and retail banking (WRB) – by 35 percent or $95 billion to $367 billion in 2024, according to a presentation of the bank's annual results. This includes $193 billion of wealth assets and $174 billion of deposits.
Net new money reached $44 billion compared to $27 billion in 2023 with strong international flows. The British lender also onboarded 265,000 clients that were new to the bank.
Flat Profit
The WRB unit reported a pre-tax profit of $2.4 billion, down 1 percent. Operating income grew 11 percent to $7.8 billion which included a 29 percent increase in income from wealth solutions to $2.5 billion. This was offset by expenses of $4.6 billion, up 9 percent, as well as credit and other impairments totaling $784 million.
In December 2024, Standard Chartered announced ambitions to attract $200 billion of net new money over the next five years and achieve a double-digit compound annual growth rate for wealth solutions-related income. To meet this goal the bank said it would invest $1.5 billion in its affluent business with approximately 50 percent allocated to people, 25 percent to digital and technology and 25 percent to brand, marketing and client centers.
Overall, the bank's underlying profit before tax rose 20 percent year-on-year to $6.8 billion in 2024.
