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.
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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.
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.
