The UK-headquartered group issued Q3 financial figures and referred to inflows into its wealth management business.

Standard Chartered yesterday reported a 6 per cent year-on-year rise in quarterly income for the three months to end-September, reaching $4.4 billion. Wealth management results helped the bank’s overall figures.

The UK-listed bank, earning the bulk of its revenues outside the UK – mostly in Asia and Africa – said net interest income rose 20 per cent in common currency terms to $2.4 billion. Other income fell 5 per cent. Standard Chartered had an underlying pre-tax profit of $1.3 billion, a fall of 2 per cent. In regional terms, the Asia business logged a pre-tax profit of $1.063 billion, little changed from a year earlier; Africa and the Middle East rose 82 per cent to $273 million; Europe and Americas suffered a $90 million loss, sliding by 137 per cent, rising 169 per cent to $70 million. 

The lender said its wealth management income rose 18 per cent on a constant currency basis, buoyed by “strong” onboarding of affluent clients. Wealth assets under management remained broadly stable.

"We have continued to make strong progress in the third quarter against the five strategic actions outlined last year, delivering a solid set of results. Wealth Management has continued its recovery with double digit income growth and the Financial Markets performance has been resilient against a strong comparator period,” Bill Winters, CEO, said in a statement.

The bank said costs rose 8 per cent to $2.8 billion, but fell by 2 per cent from the previous quarter. Costs rose because of inflation, business growth and targeted investments, partially funded by productivity savings. Credit impairment charges rose by $62 million on a year before to $294 million.

Standard Chartered had a liquidity coverage ratio of 156 per cent, down from 164 per cent at the end of June. Its Common Equity Tier 1 ratio was 13.9 per cent – a common international measure of a bank’s buffer capital vs shocks. The bank has a CET1 target range of 13 to 14 per cent.