Judy Hsu, Acting CEO of the private bank, said: "Our H1 performance was resilient and we remain positive in our outlook for 2013 and the strength of our business. Underlying drivers of growth in Asia remain strong, with the increase in HNWIs expected to surpass that of other regions. As an international bank with deep local and emerging market expertise, we are well-positioned to capture these growth opportunities. We continue to focus on our integrated “One Bank” approach, delivering the capabilities of the entire bank to meet our clients’ private and corporate needs in a region where entrepreneurship is a significant source of wealth.”

Wealth management operating income at Standard Chartered rose to $686 million in the six months to 30 June, a gain from the $636 million figure for the same period a year ago, the bank said in a separate statement yesterday.

"Income growth was broad based as investor sentiment in a number of our markets improved. Equity-linked products accounted for almost all of the growth, although this segment represents just over a third of wealth management income," the bank said in as statement. "Income from non-equity linked products was broadly flat, as good growth from insurance products was offset by lower foreign exchange revenues," it said.

Consumer banking – the segment within which wealth and private banking sits - saw continued income momentum from the first quarter, growing income for the first half at 7 per cent year on year to $3.68 billion.

The overall banking group, meanwhile, suffered a $1 billion blow to the the value of its Korean business. The bank has been in a dispute with staff in South Korea, a country that has proven tough for banks.

When the Korean problems are stripped out, the bank said it will achieve consensus forecasts for a full-year operating profit of $7.9 billion, up 15 percent from last year. While a UK-listed bank, the firm owns the lion's share of its revenues outside the country in regions such as Asia, Africa and the Middle East. 

Across the bank as a whole, profit before goodwill impairment and own credit adjustment rose by 4 per cent at $4.088 billion, from $3.936 billion in the same six months of 2012. Reported pre-profit after goodwill impairment charge of $1.0 billion relating to Korea is $3.325 billion.

The bank reported a rise in underlying income and profits for the first half of 2013 with 17 markets achieving double-digit income growth and 25 markets delivering income over $50 million. Total group income was up 4 per cent to $9.75 billion, excluding own credit adjustment, driven by growth in consumer banking revenue and a step-up in second-quarter income in wholesale banking.

“These results demonstrate the diversity and resilience of our business. Despite a difficult external environment, we continue to support our clients’ growth aspirations. We have a strong balance sheet and ample liquidity. We have entered the second half of the year with good momentum and the Board remains confident for the long term,” Sir John Peace, chairman, said in a statement.

“The group has delivered a number of excellent performances in markets such as Hong Kong, where operating profit before tax was over $1 billion for the first time in a six month period, as well as good performances in, the Americas, UK and Europe region, and in Africa. India has also shown good growth in income and profits, up 10 per cent and 45 per cent respectively,” he said.

The bank pointed out it has suffered impaired goodwill in the Korea business of $1 billion, as had been indicated at the time of our pre-close market update in June. The bank said it is “taking a number of actions to refocus the business to improve productivity and return on capital, including simplifying the operating structure and reviewing options for non-core businesses”.