Standard Chartered’s wealth management division has reported an operating income of US$686 million for the first half that ended on 30 June 2013, an increase of 8% compared with US$632 million in the year ago period.
Equity-linked products accounted for almost all of the growth, although this segment represents just over a third of wealth management income.
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Income from non-equity linked products was broadly flat, as good growth from insurance products was offset by lower foreign exchange revenues, the bank said in its statement.
In Americas, UK & Europe, wealth management division’s income fell in following the sale of its private banking operations in Miami and Deposits income was lower as margins were compressed.
In Asia, the wealth management division reported healthy growth in Hong Kong, Singapore, South Korea, Taiwan and Malaysia, benefitting from good growth across major product lines, with unit trust products performing particularly well.
However, the division’s income fell slightly in India due to weak local market sentiment. The bank’s wealth management income fell in Africa as growth was constrained by regulatory pricing changes.
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By GlobalDataOverall, Standard Chartered reported a pretax profit of US$3.3 billion for the first six months of 2013, down from US$3.9 billion a year ago due to the writedown in Korea.
