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Dubai, United Arab Emirates | THE INDEPENDENT | Standard Chartered Bank has reported its highest operating profit since 2015 in the Africa and Middle East region.
It its financial results for the full year and fourth quarter ending 31 December 2021 released Thursday, Standard Chartered reported that operating profit grew to a robust $856 million, recording the highest level since 2015.
Income grew by 3.5 per cent to $2,446 million despite the adverse impact of rate cuts on margins. Record levels of income were reported in the bank’s Financial Markets and Wealth Management business.
Thee report shows a significant turnaround in the UAE with a healthy Operating Profit of $242 million compared to a $110 million during the same period last year, driven by cost reductions and de-risking actions.
The Bank’s income in Africa grew by 9 per cent on a constant currency basis driven by the digital banking momentum and strong pipeline conversion; Operating Profit for Africa was at the highest level since 2015
Pakistan delivered its highest ever Operating Profit, driven by strong balance sheet growth and continued productivity improvements.
Middle East (ex-UAE) saw strong income growth driven by Saudi Arabia while maintaining cost discipline, resulting in a multi-year high level of Operating Profit
Commenting on the results, Sunil Kaushal, Regional CEO, Africa and Middle East said: “2021 was an exceptional year for us in the Africa and Middle East region. Our record financial performance demonstrates the progress made in the execution of our strategy. It is testament to the hard work and commitment of our team and the continued cost discipline which has allowed investments to continue though the cycle”.
He noted that the record performance was also driven by income growth despite the lower interest rate which impacted the bank’s cash management and retail businesses.
“Throughout the year, we accelerated our digital transformation, proudly expanding our digital banking network in Pakistan, in turn strengthening our customer base through enhanced connectivity. Aligned to the Kingdom of Saudi Arabia’s vision 2030, we have also expanded our presence in Saudi Arabia last year to provide project finance, capital markets and cash management support to promote trade and investments.” Sunil concluded.
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