UK-listed Standard Chartered, which earns most of its revenues in regions such as Asia, said consumer banking – the division in which its private bank sits – is expected to log a low single-digit rise in income for the full year.

UK-listed Standard Chartered, which earns most of its
revenues in regions such as Asia, said consumer
banking – the division in which its private bank sits – is expected to log a
low single-digit rise in income for the full year, due to weakness in local
currencies against the dollar and weaker investor sentiment in wealth
management.

Wealth Management income is up by a low single digit
percentage year on year.  However, income
in the second half is expected to be lower than in the first half of 2013 by a
double digit percentage, as market volatility led to weaker investor sentiment.

Consumer Banking income in Korea is now expected to be down by
around 15 per cent this year, the bank said today in a statement. “This
reflects continued difficult market conditions, de-risking of the portfolio as
well as the impact of the planned sale of the consumer finance businesses,” it
said.