Standard Chartered’s wealth management arm
posted a 20 percent decline in operating income in 2009 after a
collapse in demand following the financial crisis.

Despite strong group-wide results, with profit
before tax up 13 percent at $5.15 billion, its wealth management
and deposits product line, declined from $2.79 billion last year to
$2.23 billion in 2009. Demand for wealth management products
improved steadily, quarter-on-quarter, through the course of the
year according to the bank’s CEO Peter Sands.

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“Consumer banking’s performance was hit hard
by the crisis,” he said.

“Wealth management income collapsed, liability
margins fell sharply and loan impairment increased significantly as
unemployment rose and small businesses struggled.”

Assets under management (AuM) increased 12
percent across its global private banking business, with client
numbers increasing 25 percent. The bank continued to gather
momentum in Asia with AuM up 26 percent, thanks to growth in India
and other key markets.

Elsewhere, the picture was chequered. Income
fell 31 percent to $161 million in the Americas, UK and Europe,
where the majority of Standard Chartered’s business is in private
banking. Assets under management in the region were down 15
percent, or $2 billion, at $13 billion. The bank’s operating loss
in the region declined from $99 million to $65 million.

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In the Middle East and southern Asia, private
banking “had a difficult first half, but recovered in the latter
part of the year”, according to a bank statement. UAE expenses were
up $14 million or 9 percent because of investment in private
banking and branch refurbishment.