StanChart reports solid results, but China continues to drag

HONG KONG -- Standard Chartered reported solid, double-digit, top and bottom line growth in 2023, while its China operation continued to be impacted by the country's real estate crisis.

The U.K.-based bank with substantial income sources in Asia announced on Friday that its full-year underlying operating income grew by 10% from the previous year to $17.37 billion, while its pre-tax profit was up by 19% to $5.09 billion, mainly owing to higher interest rates and a recovery in its wealth management business. The pre-tax profit during the October-December quarter jumped over nine times to $1.13 billion.