The private banking arm of British banking group Standard Chartered has reported an underlying operating income of $306m for the first half of 2019.

This is an increase of 13% from last year’s income of $271m. The rise was said to be due to higher income in wealth management.

The unit’s underlying profit before tax was $100m in the first six months of 2019, versus a loss of $5m a year ago.

Operating expenses at the division decreased 8% to $253m on a year-on-year basis.

Assets under management grew 10% from the end of 2018. The bank attributed the growth to net inflows of $1.7bn.

Standard Chartered Group performance

Overall, the banking group reported a statutory profit before tax of $2.41bn for the first half of 2019, up 3% from $2.34bn last year.

The group’s underlying profit before tax of $2.61bn was 11% higher than the previous year.

Underlying operating income at the group rose 1% year-on-year to $7.69bn.

Standard Chartered group CEO Bill Winters said: “We made good progress both financially and on our strategic priorities in the first half, growing income 4% and improving profits 13%, at constant currency.

“We have positioned ourselves to develop and scale innovative new business models, as we support and grow with our clients. We are investing now to create optionality for the future, and I am excited by the opportunities we are already generating.”