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Strong Client Numbers, Asian Business Give Standard Chartered A Strong First Half
Vanessa Doctor
3 August 2012
Standard Chartered Private Bank saw strong growth in the first half of 2012, as the Asian operations and new business flows continue to exceed expectations. The bank posted a 14 per cent rise in revenue year-on-year to almost $300 million, despite volatile market conditions. During the period, the firm welcomed more than 2,300 new client accounts worldwide and a continuously growing Asian franchise. It also recently enhanced its offerings with the launch of an Islamic finance arm, where private banking clients can avail of a range of shariah-compliant wealth management products and services. Standard Chartered Group, its parent firm, enjoyed a 9 per cent rise in both income and profits to $9.51 billion and $3.95 billion, respectively, representing a tenth consecutive record first half profit. The firm has 22 offices across Asia.