Credit: Can Pac Swire/ Flickr (Creative Commons)

The growth in wealth for Standard Chartered in H1 2023 was attributed to a gradual recovery after the Covid-19 pandemic in certain markets. For the quarter, it was up 10% year-on-year.

Furthermore, this was a return to growth for the wealth management arm after five successive quarters of declines. The bank stated this was due to continued investment in the franchise, as well as a rebound in customer activity in China and Hong Kong.

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Standard Charted in H1 2023

Income for the Standard Chartered Group was $9bn in H1 2023, a 18% increase year-on-year.

However, operating expenses were $5.5bn, an 8% increase from this point last year.

Its mass retail client base grew massively with close to 450,000 new to bank clients onboarded and 100,000 upgraded from mass retail to affluent.

For the quarter, income was up 20% year-on-year to hit $4.6bn, 24% at constant currency.

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Profit before tax for the quarter totalled $1.bn, up 32%, whereas H1 2023 saw underlying profit for Standard Chartered up 29% year-on-year to hit $3.3bn.

Bill Winters, group chief executive, said: “We have delivered a very strong set of results for the first six months of 2023. Income was up 18% year-on-year and underlying profit before tax was up 29% to $3.3bn. We remain strongly profitable, highly liquid, and well capitalised. These attributes enable us to return a further $1bn to our shareholders through a new share buyback announced today. Also reflecting our confidence in the business, we are upgrading our 2023 guidance for income, jaws and RoTE which we now expect to be 10% for the full year.”