Standard Chartered Asia delivers strong results up 23% YoY
Asia is the largest cross-border region, with income growing 38 per cent to US$1.5 billion year-on-year.
Out of the 21 Asia markets, 11 produced record incomes, seven produced record profits, and 10 Asia markets exceeded 12 per cent return on tangible equity (RoTE).
Hong Kong, China and Singapore all delivered record first-half income. The Asia region saw strong growth in cash management, retail deposits, financial markets, and an encouraging wealth management recovery.
Asia is the largest cross-border region, with income growing 38 per cent to US$1.5 billion year-on-year. China’s corporate, commercial and institutional banking cross-border income grew 59 per cent to over $600 million; China-ASEAN corridor grew 82 per cent year-on-year; and China-Africa and Middle East corridor grew 76 per cent year-on-year.
Ben Hung, Chief Executive Officer, Asia, said: “Our Asia region delivered a record first half in 2023. The region accounts for around 70 per cent of the group’s income and continues to be a key driver of growth. Our Asia footprint is unrivalled. We remain the largest cross-border income generator for the group, leveraging Hong Kong and Singapore’s position as super-connectors for the region.”
“This set of performance reinforces how strategically well-positioned we are to help our clients capture the opportunities, across Asia and beyond. While there is moderation in global growth, we enter the second half with measured optimism. The longer-term structural opportunities and economic attractiveness of Asia, including China, ASEAN, and South Asia, remain as strong as ever.”
Standard Chartered has become the first bank in Việt Nam to achieve the prestigious certification for equity, diversity, and gender equality (EDGE). Achieving the highest LEAD level across all industries, this recognition highlights the bank’s dedication to driving gender equality, equal opportunities, and fostering an inclusive workplace culture in Việt Nam. — VNS
