Standard Chartered Asia records stellar first half

Ben Hung, Standard Chartered's CEO for Asia

Standard Chartered Asia's half-year report showcases a strong performance with a surge in income of 23 per cent on-year. The banking group also posted a robust Return on Tangible Equity (RoTE) at 19.1 per cent, underlining the strength of its operations.

Of the 21 Asian markets where Standard Chartered operates, 11 reported record-breaking income, seven posted all-time high profits, and 10 surpassed a RoTE of 12 per cent. The financial powerhouses of Hong Kong, China, and Singapore were standout performers, each recording unprecedented income in the first half.

Vietnam, with its robust and fast-growing economy, continues to be one of the vital players in the bank's strategic landscape. Sustainability and green finance initiatives foreground Standard Chartered's strategic focus, with Vietnam emerging as a crucial market.

The bank sees the Southeast Asian nation as an important hub for its growing focus on sustainable finance and green initiatives.

The strong performance was bolstered by significant growth in key areas, including Cash Management, Retail Deposits, Financial Markets, and a promising recovery in Wealth Management.

On the cross-border front, Asia, the largest region for Standard Chartered, witnessed a 38 per cent surge in income on-year, amounting to $1.5 billion.

Furthermore, China's Corporate, Commercial, and Institutional Banking segment reported a striking 59 per cent rise in cross-border income, surpassing $600 million. The China-ASEAN and China-Africa & Middle East corridors also showed substantial growth, up by 82 per cent and 76 per cent on-year, respectively.

Ben Hung, Standard Chartered's CEO for Asia said, “Our Asia region delivered a record first half in 2023. The region accounts for around 70 per cent 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.

“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,” Hung added.

Standard Chartered Vietnam takes lead in sustainability efforts Standard Chartered Vietnam is continuing to lead the way in sustainability and, in turn, drive growth for its customers and the economy at large.

Standard Chartered Vietnam spearheads initiative on voluntary carbon credit exchange Standard Chartered Vietnam, together with the Department of Climate Change under the Ministry of Natural Resources and Environment (MoNRE) and Climate Impact X (CIX), has organised a seminar on establishing and operating a voluntary carbon credit exchange in Vietnam.

The significance of Vietnam for US businesses and why they should take notice Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective, and industrial nation. Firms and investors that are looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities.