Standard Chartered Asia delivered a strong performance with income up 23% year-on-year (YoY) on a constant currency basis and a return on tangible equity (RoTE) of 19.1%.
Out of the 21 Asia markets, 11 produced record incomes, seven produced record profits, and 10 Asia markets exceeded 12% RoTE. Hong Kong, China and Singapore all delivered record first half income. The Asia region saw strong growth in cash management, retail deposits, financial markets, and an encouraging wealth management recovery.
Asia is the largest cross-border region, with income growing 38% to $1.5 billion YoY. China’s corporate, commercial and institutional banking cross-border income grew 59% to over $600 million; China-ASEAN corridor grew 82% YoY; and China-Africa and Middle East corridor grew 76% YoY.
Ben Hung, CEO of Standard Chartered Asia, said: “Our Asia region delivered a record first half in 2023. The region accounts for around 70% of the group’s income and continues to be a key driver of growth. Our Asia footprint is unrivalled. We remain the largest cross-border income generator for the group, leveraging Hong Kong and Singapore’s position as super-connectors for the region."
Hung said: "This set of performance reinforces how strategically well-positioned we are to help our clients capture the opportunities, across Asia and beyond. While there is moderation in global growth, we enter the second half with measured optimism. The longer-term structural opportunities and economic attractiveness of Asia – China, ASEAN, and South Asia – remain as strong as ever.”
Re-disseminated by The Asian Banker