In 2020, Asia and wealth management were big buzzwords for global banks trying to address concerns about slowing growth elsewhere. Standard Chartered was among a long list of lenders that bet heavily on wealth management income from markets such as mainland China to drive growth. StanChart is among the few that has managed to deliver on its promise.

The London-headquartered lender on Tuesday reported second-quarter pre-tax profit of $1.83bn and raised its outlook for income growth for this year. Operating income from wealth solutions rose a quarter in the first half, a record performance as net new sales more than doubled to $13bn. This is an impressive feat: it has been up against strong competition from local Chinese banks as it tries to win mainland Chinese clients and from rival HSBC in Hong Kong.

The wealth management business in Asia — especially in Hong Kong, Singapore and mainland China — remains one of the most promising areas of growth for global lenders. It will offer an estimated $81tn onshore opportunity in terms of personal financial assets by 2027, according to McKinsey research. There is room for lasting growth with the industry still in its early stages, with about half of those assets in cash and deposits. In mainland China alone, the ultra-wealthy population with a net worth of $30mn and over is expected to grow by almost 50 per cent by 2028, according to Knight Frank research, despite the global economic slowdown.