Standard Chartered Bank has declared its highest operating profit of $856 million in the release of its financial results for the year ending December 31, 2021, since 2015 in the MENA region (Africa and the Middle East).
Income grew by 3.5 percent to $2,446 million despite the adverse impact of rate cuts on margins.
The bank recorded a significant turnaround in the UAE with a healthy operating profit of $242 million compared to $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 percent 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 the Middle East, said: “2021 was an exceptional year for us in Africa and the 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 through 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.
The CEO added that the profit was generated through accelerating their digital transformation, expanding the digital banking network in Pakistan, and enhancing connectivity with the customer base. Furthermore, they have also expanded in Saudi Arabia to provide project finance, capital markets, and cash management support for the promotion of trade and investments, in alignment with the KSA’s vision 2030.
