The private banking unit of British banking group Standard Chartered has reported an operating income of $145m for Q3 2019.

This marks an increase of 14% compared to previous year’s figure of $127m.

The bank attributed the rise mainly to wealth management, which reported 5% rise in income to $488m on a year-on-year basis.

The growth in wealth management was said to be driven by equity and fixed income investment products.

Group highlights

At a group level, Standard Chartered’s statutory profit before tax was $1.1bn during the three-month period ended 30 September 2019. This is a 4% rise from $1.06bn in the same quarter last year.

The group’s underlying profit before tax soared 16% to $1.24bn from $1.07bn.

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Operating income increased 7% to $3.98bn from $3.72bn, while operating expenses remained almost unchanged at $2.5bn.

Income from Greater China and North Asia during the September 2019 quarter stood at $1.58bn, up 2% from $1.55bn a year ago.

The rise was supported by growth in wealth management and financial markets, among others, especially in China, Hong Kong and Korea.

Income in ASEAN and South Asia increased 13% over the period to $1.08bn, driven by India, Bangladesh, Indonesia and Singapore.

Africa & Middle East income rose 2% year-on-year to $617m, which was said to be due to financial markets’ “double-digit growth”.

In Europe & Americas, income surged 19% to $467m from $391m. According to the bank, the rise was due to double-digit growth in treasury, financial markets, as well as corporate finance.

Central & other items income of $231m was 5% higher than the previous year.

Standard Chartered group CEO Bill Winters said: “Our strategy of the last few years has progressively created a stronger and more resilient business.

“The continuing execution of that strategy remains our priority, enabling us to face the more challenging external environment confidently, determined to continuously enhance our service to our clients, our performance-oriented culture and our profitability.”