Standard Chartered reports highest operating profit since 2015 in MEA
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Standard Chartered announces highest operating profit since 2015 in MEA

Standard Chartered announces highest operating profit since 2015 in MEA

The bank reported its income grew by 3.5 per cent to $2.44bn

Standard Chartered Bank has announced its financial results for the full year and fourth quarter ending 31 December 2021.

The bank recorded an operating profit of $856m, its highest since 2015 in the Middle East and Africa region (MEA).

Pre-provision operating profit increased by 21 per cent year on year. The bank’s income grew by 3.5 per cent to $2.44bn despite the adverse impact of rate cuts on margins.

Performance in MEA

The bank witnessed a significant turnaround in the UAE, with a healthy operating profit of $242m compared to $110m during the same period last year. The growth was driven by cost reductions and de-risking actions.

The Middle East (excluding UAE) saw strong income growth driven by Saudi Arabia while maintaining cost discipline, resulting in a multi-year high level of operating profit.

Pakistan delivered its highest ever operating profit, driven by strong balance sheet growth and continued productivity improvements.

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.

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.”

The 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 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,” said Kaushal.

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