Reports
Standard Chartered Logs High Single-Digit Income Growth At Wealth Arm

Standard Chartered, the London-listed bank that earns the
bulk
of its revenues outside the UK, in regions such as Asia, has said
income
at its wealth management unit rose by a high single-digit
percentage in
the first quarter of 2013, and the bank had as a whole made a
“very strong
start to the year” although momentum later slowed.
In its interim statement, which contained few figures, the
bank said income growth was broad based. The income rise at the
wealth
management business was “ahead of the run rate seen in 2012 with
improved
investor sentiment”.
“Deposit income fell by a mid single digit rate reflecting
ongoing margin pressure despite good growth in customer
balances,” the bank
said today.
"Standard Chartered has continued to deliver a
resilient performance despite the impact of extraordinary
monetary policies in
the West and Japan on
liquidity conditions across Asia and thus on
margins. We remain focused on continuing to grow the business,
building on our
longstanding relationships with our clients and customers, on
maintaining our
strong balance sheet, and on keeping a firm grip on costs and
risks. We are in
the right markets and remain confident in the outlook for our
business,” Peter
Sands, group chief executive, said.