Standard Chartered private banking arm has posted operating profit of $ 149m for the year 2014, a decline of 14% compared with $173m a year ago.
The bank attributed the decline in operating profit to the exit of from Geneva and Korean businesses and an impairment of a strategic investment.
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Excluding these items, operating profit rose 11%, reflecting a strong underlying income performance in Greater China and ASEAN regions coupled with disciplined cost control.
The private banking division’s operating income and client income rose 4% compared to 2013 or 6% excluding the impact of business exits in Korea (2013) and Geneva (2014), the bank said in a statement.
Overall, Standard Chartered group’s net profit for the year fell 37% to $2.51bn from $3.99bn.
The bank’s CEO Peter Sands , who is stepping down in June, said the bank would boost its capital strength this year by selling businesses and severing ties with some low-return clients, making a share sale unnecessary.
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By GlobalData"We have no plans for a capital raise," he added.
