Standard Chartered Bank has announced that the bank has recorded its highest operating profit since 2015 in the Africa and Middle East region.
The group also released its financial results for the full year and fourth quarter ending December 31, 2021. Income grew by 3.5 per cent to $2,446 million despite the adverse impact of rate cuts on margins. operating profit grew to a robust $856 million, recording the highest level since 2015.
The bank recorded 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. Pakistan also delivered its highest ever operating profit, driven by strong balance sheet growth and continued productivity improvements. The bank’s income in Africa grew by nine 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.
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.”
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,” he added.
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The event highlighted the changes in the project landscape and its evolution in the coming years while also demonstrating the need for gender equity in the project cargo and breakbulk industry