Standard Chartered recorded 14% year-on-year revenue growth in
its private banking operation in the first half of 2012.
Standard Chartered Private Bank’s said total
revenue was nearing $300m and it had added more than 2,300 new
The emerging market-focused bank which
continues to benefit from strong growth in the region has recently
launched a range of Sharia-compliant wealth management products and
Standard Chartered Private Bank’s CEO and
global head of high value client coverage Shayne Nelson said: “Our
continued growth despite the current volatility is testament to our
strong client engagement. We continue to see good prospects across
Asia, Africa and the Middle East, and we are well positioned to
capture growth opportunities.”
Group reports strong first half
The private bank’s positive figures
supplemented the Standard Chartered’s Group first half profits,
which rose 9% to $3.95bn with total revenue rising to $9.51bn from
$8.76bn a year earlier, above forecasts.
As rivals cut back, the bank plans to hire up
to 1,500 staff increase investment spending by around $100m in the
second half of 1012.
Standard Chartered, which survived the global financial crisis
without state assistance, recorded a tenth consecutive record first
half of profit