Standard Chartered wealth management saw an 8% increase in income in 2023, from $1,796m to $1,944m.

In terms of Q4 2023, income totalled $412m for Standard Chartered wealth management, a 15% rise year-on-year.

Furthermore, the arm saw continued strong growth in net new sales, which amounted to $14bn across the year and offset adverse market movements as assets under management remained relatively stable.

In addition, Consumer, Private & Business Banking (CPBB) profit increased 60%, with income up 22%, benefitting from higher interest rates on retail deposits income and a recovery in wealth management.

Standard Chartered Group in 2023

As a whole, Standard Chartered recorded operating income of $4bn in Q4 2023, a 7% rise year-on-year. Net interest income totalled $2.4bn in the quarter, 6% up from the same point last year.

Underlying profit before tax totalled $1.1bn, a 74% rise with ccy.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In addition, customer deposits were $469bn, up $16bn or 4% since 30 September 2023; up $10bn or 2% at ccy.

The strong results for the bank mean the firm has planned a $1bn share buyback for shareholders.

Bill Winters, group chief executive, said: “We produced strong results in 2023, continuing to demonstrate the value of our franchise and delivering our financial objective of a 10% RoTE for the year. We will now build on this success, taking action to deliver sustainably higher returns with a focus on driving income growth and improving operational leverage and targeting 12% RoTE in 2026. We have increased full year dividends, up 50%, and have announced a new $1bn share buyback, bringing our total shareholder distributions to $5.5bn since January 2022. We will continue to actively manage the Group’s capital position with a target to return at least $5bn over the next three years.”

Earlier this year, Manus Costello was appointed by Standard Chartered to become the company’s global head of investor relations.

With a background in equities research spanning 25 years, Costello most recently held the position of founding partner and global head of research at Autonomous.