Financial Results
Standard Chartered Reports Private Banking Loss
Higher investment spending on the private bank pushed results for this segment into the red; income and AuM rose.
Standard
Chartered reported that its private banking operation
generated an underlying pre-tax loss of $1 million,
contrasting with a profit of $32 million in 2016, hit by the
costs of investing in the business.
Private banking income rose one per cent higher year-on-year
($500 million) and six per cent higher, excluding an insurance
recovery booked in the first quarter of 2016, the bank said in a
statement.
Standard Chartered's private banking assets under management
rose by $10.2 billion or 18 per cent, from their level
on 31 December 2016. The AuM gain was driven by
positive market movements and $2.2 billion of net new money.
In Europe and Americas, the firm’s assets under management for
private banking clients grew by 17 per cent in 2017.
Overall, the group’s profit before tax of $3 billion was up 175
per cent.
