Standard Chartered posts record H1 in AME region

by

Issac John

Published: Fri 29 Jul 2022, 6:37 PM

Last updated: Fri 29 Jul 2022, 6:38 PM

The bank recorded $1.291 billion income as a result of broad-based growth across markets, segments, and products.



Reuters file photo
Reuters file photo

Standard Chartered reported on Friday a record 28 per cent surge operating profit in the in first-half year-on-year to $581 million for the Africa and Middle East (AME) region on the back of strong growth in income and operating profit in in the UAE, Pakistan, and Ghana.

The bank said in a statement that it recorded $1.291 billion income while its highest half-yearly operating profit since 2015 as a result of broad-based growth across markets, segments, and products.

Pakistan delivered its highest ever half yearly operating profit. The lender also reported strong improvement in the region’s Return on Tangible Equity (RoTE) at 13 per cent.

For its worldwide operations, the London-headquartered lender, which is focused on Asia, Africa and the Middle East, reported a pre-tax profit increase of 19 per cent to $2.8 billion in the first half of the year from $2.35 billion in the same period a year earlier, which was above market expectations, as the lender benefited from rising interest rates.

Sunil Kaushal, regional CEO, Africa and Middle East, said the record H1 performance is a clear testament to the commitment, hard work and resilience shown by the team.

“Our first half performance was strong, underpinned by the successful execution of our strategy. Over the last six months, we redirected resources within the AME region to those areas where we have the potential to scale and grow to better support our client needs. We further secured substantial financing for key infrastructure projects across several markets in the region, participated in sustainability initiatives across the region, and accelerated investments across our digital banking capabilities to ensure our clients continue to receive a personalised, seamless and convenient experience,” said Kaushal.

“Moving forward, we will continue to innovate and support our clients’ evolving needs, with a focus on accelerating our digital strategy and sustainable finance initiatives. We remain excited about the plethora of opportunities that are stemming from Africa and the Middle East, with Egypt and Saudi Arabia being key markets that we will continue to invest in, as we explore a new era of financial innovation,” Kaushal said in a statement.

Listed on the London and Hong Kong stock exchanges, the emerging markets-focused banking group has a presence in 59 of the world’s most dynamic markets, and serves clients in a further 83. — issacjohn@khaleejtimes.com


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