Market turbulence and continued Covid-19 restrictions in North Asia had an adverse impact on the wealth management business, the bank said, while overall results for the London-listed group were broadly positive.

Standard Chartered late last week reported a profit, attributable to shareholders, of $1.873 billion for the six months to the end of June, up from $1.718 billion a year before. Underlying pre-tax profit rose 5 per cent to $2.817 billion.

Operating income rose 8 per cent year-on-year to $8.225 billion.

Operating costs fell 2 per cent on a year ago to $5.328 billion, it said in a statement. The group’s cost/income ratio was 64.8 per cent, rising from 68.4 per cent a year earlier.

The UK-listed bank, which earns the bulk of its revenues in Asia, the Indian sub-continent and Africa, had a Common Equity Tier 1 ratio – a standard measure of a bank’s financial “buffer” – of 13.9 per cent.

Within its wealth management business arm, Standard Chartered said that H1 2022 operating income was $988 million, down by 18 per cent year-on-year. The decline is in contrast with a particularly strong performance of a year ago. Clients grew more cautious as markets slid and became more turbulent, with further Covid-19 restrictions in North Asia also affecting this business, it said. Negative market moves also hit assets under management. Net new sales remained positive, although at a lower level than a year earlier.

Pre-tax profit in the consumer, private and business banking arm stood at $720 million for the half-year period, falling 16 per cent on a year before.