Standard Chartered private banking arm has posted operating income of $131m for the third quarter of 2015, a decline of 15% compared with $155m a year ago.
Private banking clients segment’s income was impacted by business exits and by weaker demand for wealth management products mainly in Hong Kong and Singapore, the bank said. Excluding business exits, income was down 9% in the third quarter.
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For the quarter ended 30 September 2015, income from wealth management products was $399m, down 9% year on year.
"We have seen lower demand for fund and equity – linked products given recent increased equity market volatility, the British banking giant said in a statement.
Overall, the banking group posted a loss before tax of $139m for the third quarter of 2015, compared to a profit before tax of $1.53bn a year ago.
Income for the quarter declined to $3.682bn from $4.514bn in the third quarter of 2014.
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