Standard Chartered Bank reports highest operating profit since 2015 in Africa and Middle East
Christian Fernsby | ▼ February 17, 2022
Standard Chartered released its financial results for fourth quarter ending 31 December 2021.
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Topics: STANDARD CHARTERED
In the Africa and Middle East region, the Bank has recorded its highest Operating Profit since 2015.
Broad-based growth and improvement in income and profits.
Income grew by 3.5 per cent to $2,446 million despite the adverse impact of rate cuts on margins. Record levels of income were reported in the bank’s Financial Markets and Wealth Management business.
Sustained Cost discipline resulted in a net reduction of 4 percent year-on-year despite continuing investments. This generated a positive income-to-cost jaws of 7 percent.
Pre-provision Operating Profit increased by 21 percent year-on-year.
Operating Profit grew to a robust USD 856 million, recording the highest level since 2015.
Strong improvement in the region’s Return of Tangible Equity (ROTE) ratio at 8.8 per cent.
A significant turnaround in the UAE with a healthy Operating Profit of USD 242 million compared to a USD 110 million during the same period last year, driven by cost reductions and de-risking actions.
Pakistan delivered its highest ever Operating Profit, driven by strong balance sheet growth and continued productivity improvements.
Middle East (ex-UAE) saw strong income growth driven by Saudi Arabia while maintaining cost discipline, resulting in a multi-year high level of Operating Profit.
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; Operating Profit for Africa was at the highest level since 2015. ■ What to read next
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