Higher investment spending on the private bank pushed results for this segment into the red; income and AuM rose.

Standard Chartered reported that its private banking operation generated an underlying pre-tax loss of $1 million, contrasting with a profit of $32 million in 2016, hit by the costs of investing in the business.

Private banking income rose one per cent higher year-on-year ($500 million) and six per cent higher, excluding an insurance recovery booked in the first quarter of 2016, the bank said in a statement.

Standard Chartered's private banking assets under management rose by $10.2 billion or 18 per cent, from their level on 31 December 2016. The AuM gain was driven by positive market movements and $2.2 billion of net new money.

In Europe and Americas, the firm’s assets under management for private banking clients grew by 17 per cent in 2017.

Overall, the group’s profit before tax of $3 billion was up 175 per cent.