Standard Chartered’s Wealth Business Stands Out
Wealth management was a standout business at Standard Chartered in the first quarter as the bank continued to advance towards its broader target to grow fresh assets and income.
Standard Chartered’s wealth and retail banking (WRB) unit registered a pre-tax profit of $671 million in the first quarter of 2025, according to the bank’s financial results, up 22 percent year-on-year.
This was led by 26 percent growth in wealth solutions income to $777 million which included a 32 percent increase in investment products income to $559 million and a 14 percent increase in bancassurance income to $218 million. Overall WRB income was 10 percent higher at $2.1 billion.
Expenses rose by 9 percent to $1.2 billion, mainly from increased investment spend and the hiring of affluent relationship managers. $40 million in credit impairment charges were added to total $179 million, mainly due to increased delinquencies in digital partnership and unsecured portfolios.
AUM, Client Base
The bank also saw its assets under management (AUM) from affluent clients, which covers the mass market to private banking segment, reach $389 billion compared to $367 billion at the end of 2024 with $13 billion of net new money, according to an earnings presentation. Around 72,000 clients who were new to the bank were acquired.
In December 2024, Standard Chartered announced that it would aim to attract $200 billion of net new money and deliver a double-digit compound annual growth rate for wealth solutions income over the next five years. The key market corridors targeted to meet this goal are Hong Kong, Singapore, UAE, China and India.
