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The bank said credit quality across the group’s footprint continued to improve with impairment down 20 per cent
Finance3 weeks ago
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Standard Chartered posts strong Q1 performance
The bank's underlying profit before tax increasing five per cent on a constant currency basis while ncome grew 11 per cent during Jan-Mar quarter
The bank also reaffirmed plans for refocusing and simplifying its presence in the region to drive the next phase of growth. — File photo
Standard Chartered group said on Thursday it delivered a strong performance in the first quarter of 2022 in volatile and challenging market conditions, with underlying profit before tax increasing five per cent on a constant currency basis. Income grew 11 per cent on a constant currency basis.
In Africa and Middle East (AME) region, the bank reported strong growth in income, and delivered the highest quarterly operating profit in nearly a decade, on the back of strong growth across major markets like the UAE, Pakistan, Kenya, Ghana, and Saudi Arabia.
The bank also reaffirmed plans for refocusing and simplifying its presence in the region to drive the next phase of growth.
In the region, the bank recorded a robust quarterly growth of 59 per cent in operating profit, exceeding $300 million for the first time in nearly a decade.
Sunil Kaushal, regional CEO, of Africa, and the Middle East, said the first-quarter growth has been a result of the hard work and commitment of our team coupled with the execution of some tough decisions we made to drive efficiencies and reduce risk.
“This outstanding performance was primarily driven by 16 per cent growth in income broad-based across our key markets, and strong cost focus, which has resulted in a robust growth in operating profit of 59 per cent.”
“As we move forward, the region is focused on executing swiftly against the bank’s strategy to drive our next phase of growth, while seamlessly simplifying our presence. We are excited about the scale of opportunities across the region, such as Egypt and Saudi Arabia, and continue to invest in digital capabilities across the region,” said Kaushal.
— issacjohn@khaleejtimes.com
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