Standard Chartered private banking business has posted an income of $127m for the third quarter of 2018, almost unchanged compared to the previous year.
Wealth management income in the quarter ended 30 September 2018 was $465m, down 5% from $488m in the same period last year.
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The bank said trade tensions had impacted its wealth management business as clients had become more reluctant to invest.
In a statement, Standard Chartered said, “escalating trade tension and other macroeconomic factors are affecting sentiment in emerging markets.”
Standard Chartered group CEO Bill Winters said: “Income growth year-on-year was slightly lower in the third quarter impacted by Africa and the Middle East and we remain alert to broader geopolitical uncertainties that have affected sentiment in some of our markets.
More positive picture at group level
Overall, the banking group registered a statutory profit before tax of $1.06bn for the third quarter of 2018, a 37% surge from $774m in the corresponding quarter of 2017.
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By GlobalDataThe group’s underlying profit before tax was $1.06bn, an increase of 31% from $814m last year. Operating income at the group rose 4% year-on-year to $3.72bn.
Compared to the previous year, the group’s regulatory costs dropped 8% to $309m.
The group CET1 ratio at the end of September 2018 was 14.5%, as against 13.6% a year ago.
