Standard Chartered reports H1 operating profit of $581m in MEA region

Standard Chartered has reported its financial earnings for H1 2022. In the Africa and Middle East (AME) region, the bank recorded $1.29bn in income, reflecting an 8 per cent year-on-year (YoY) rise, and $581m in operating profits, which represented a 28 per cent Y0Y rise on a constant currency basis.

The bank reported broad-based growth across markets, segments and products. There was also a strong improvement in the region’s return on tangible equity (RoTE) at 13 per cent.

The bank witnessed double-digit income growth and high operating profit growth in major markets like the UAE, Pakistan and Ghana. Pakistan also delivered its highest ever half-yearly operating profit.

Sunil Kaushal, regional CEO, AME, said: “Our first half performance was strong, underpinned by the successful execution of our strategy. This record performance is a clear testament to the commitment, hard work, and resilience shown by the team.”

He added: “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.