Standard Chartered posted a substantial rise in pre-tax profit for 2019, with its private banking business registering a 12% increase.
At the bank's private banking division, income grew 12% year-on-year to US$577 million, registering a third consecutive year of top line growth.
"2019 has been a turnaround year for the Private Bank - our multi-year transformation has delivered a strong financial performance, and we are the fastest growing segment globally," said Didier von Daeniken, global head of private banking and wealth management.
2019 has been a turnaround year for the Private Bank"
"What has been especially encouraging is that our clients have acknowledged the progress we have made, particularly in terms of our investment performance, quality of bankers and quality of advice," he added.
Overall, the lender said annual pre-tax profit was up 46% at $3.7bn for the year, although this was slightly below analyst expectations.
The Asia-focused bank warned that the spread of the coronavirus would likely slow progress toward one of its key earnings targets. The bank said it expects income growth in 2020 below its medium-term target range of 5% to 7%.
Despite unrest in the city, profit before tax from Hong Kong grew 4 per cent year on year to $1.7bn. Hong Kong contributed more to StanChart's profits than any other market the bank operates in.
"Our largest market, Hong Kong, tipped into recession, driven by a combination of the extended US-China trade dispute, slower economic growth in China and local social unrest," Bill Winters, StanChart's chief executive, said in a statement.