Standard Chartered Bank PLC (the Group), has today released a record financial results for the first quarter, ending 31 March, 2022.
According to the first quarter report, the Group delivered a strong performance in the first quarter of 2022 despite volatile and challenging market conditions, with underlying profit before tax increasing 5 per cent on a constant currency basis. Moreover, income grew by 11 per cent on a constant currency basis.
Focusing on the Africa and Middle East (“AME”) region, the Bank reported strong growth in income, and delivered the highest quarterly operating profit in nearly a decade.
In the intervening time, the Bank also re-affirmed plans for refocusing and simplifying its presence in the region to drive the next phase of growth.
The Standard Chartered Bank Group attributed the growth in Africa and Middle East regions to some critical decisions taken by the Directors of the bank.
“This growth has been a result of the hard work and commitment of our team coupled with the execution of some tough decisions we made to drive efficiencies and reduce risk.”
The Group
Africa and Middle East Performance Highlights
Africa and Middle East recorded a robust growth in Operating Profit of 59 per cent. The operating profit for a single quarter crossed $300 million, for the first time in nearly a decade.
The Group again recorded a significant improvement in the region’s Return on Tangible Equity (ROTE) ratio to 13.2 per cent. Moreover, the Group also recorded an income growth of 16% at constant currency, driven by broad-based growth across products.
Cost discipline continued, resulting in income-to-cost jaws of 9 per cent. There was also strong growth across major markets like UAE, Pakistan, Kenya, Ghana and Saudi.
Commenting on the results, Sunil Kaushal, Regional CEO, Africa and Middle East, expressed his gratitude to the leaders of the bank for working hard to achieve the success in the first 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 the year. This growth has been a result of the hard work and commitment of our team coupled with the execution of some tough decisions we made to drive efficiencies and reduce risk. This outstanding performance was primarily driven by 16% growth in income broad based across our key markets, and strong cost focus, which has resulted in a robust growth in operating profit of 59%.
As we move forward, the region is focused on executing swiftly against the bank’s strategy to drive our next phase of growth, while seamlessly simplifying our presence. We are excited about the scale of opportunities across the region, such as Egypt and Saudi Arabia and continue to invest in digital capabilities across the region. I’d like to thank my esteemed colleagues for their continued dedication and team spirit during this quarter as we remain determined to support our clients and help them achieve prosperity whilst being the most responsible and sustainable bank.”
Sunil Kaushal
