The private banking unit of British banking group Standard Chartered has posted an income of $149m for the first quarter of 2019.
This is an increase of 3% from previous year’s income of $144m.
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The unit received over $1bn of net inflows during the quarter.
Wealth management income dropped 14% to $464m from $539m due to the relatively more buoyant market in the first two months of last year.
Group performance
Overall, the banking group reported a statutory profit before tax of $1.24bn, up 5% from $1.19bn in the first quarter of 2018.
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By GlobalDataThe group’s underlying profit before tax increased 10% to $1.38bn from $1.26bn.
Operating income at the group dropped 2% year-on-year to $3.81bn.
Income from Greater China and North Asia dipped 2% to $1.53bn.
The performance was said to be due to “less buoyant conditions in Wealth Management”.
Compared to a year ago, income in ASEAN and South Asia fell 3% to $1.04bn while Africa & Middle East income rose 4% to $708m.
Income in Europe & Americas plunged 19% year-on-year while Central & other items income surged 59%.
Standard Chartered group CEO Bill Winters said: “Our first-quarter profit supports our belief that we will generate full-year returns of at least 10% by 2021.
“The resolution of our legacy conduct and control issues means we can now manage our capital position more dynamically.”
The bank also unveiled that it secured the regulatory nod to commence a share buyback programme of up to $1bn.
