In the first quarter of 2022, despite volatile and tough market conditions, Standard Chartered PLC delivered a good performance, with underlying earnings before tax growing 5% on a constant currency basis. On a constant currency basis, income increased by 11%.
For the first quarter of 2022, the bank posted its greatest quarterly operating profit in nearly a decade across the Middle East and Africa, as well as solid revenue growth.
In order to fuel the next phase of expansion, the bank also reaffirmed intentions to refocus and streamline its presence in the region.
For the first time in nearly a decade, the bank’s operating profit increased by 59 percent in the region, topping $300 million in a single quarter.
“Following a record financial performance across Africa and the Middle East in 2021, I am extremely proud to share that we have achieved another record performance in the first quarter of this year,” Sunil Kaushal, regional CEO for Africa and the Middle East, said.
This progress has been made possible by our team’s dedication and hard work, as well as the implementation of certain difficult decisions we took to improve efficiencies and decrease risk. This remarkable performance was primarily driven by a 16 percent increase in income across all of our key markets, as well as a strong cost focus that resulted in a 59 percent increase in operating profit.”
“As we move forward, the region’s focus is on executing quickly on the bank’s strategy to drive our next phase of growth while also streamlining our footprint.” We’re thrilled about the size of the prospects in places like Egypt and Saudi Arabia, and we’ll keep investing in digital skills in the region.”
The bank also saw a considerable improvement in the region’s Return on Tangible Equity (ROTE) ratio, which rose to 13.2 percent, as well as a 16 percent increase in income in constant currency, thanks to broad-based growth across products.
