Standard Chartered PLC (the Group) today releases its financial results for the half-year ending 30 June 2021. Profit before tax grew 37 per cent year on year, helped by improved loan impairments, strong underlying business momentum and good progress across the Bank’s strategic priorities. The Bank further announced an additional share buy-back programme together with the resumption of the interim dividend payment.
In Africa and the Middle East region, the bank has recorded its highest half-yearly operating profit over the last five years.
- Income remained flat YoY and 1 per cent higher on a constant currency basis despite being impacted by rate cuts and currency devaluation (drag of approx. 8 per cent). Underlying income was up 8 per cent reflecting growth in Wealth Management Income and healthy pipeline conversions.
- Healthy Operating Profit of USD 476 million compared to USD 91 million during the same period last year; driven by significantly reduced credit impairments, wealth growth, productivity actions and a strong pipeline; partly offset by flow-through impact of rate cuts.
- Significant improvement in the region’s Return on Tangible Equity (ROTE) ratio.
- A great turnaround story in the UAE; with significantly improved returns.
- The Bank’s income in Africa grew by 6 per cent on a constant currency basis driven by the digital banking momentum in CPBB and deal pipeline.
Commenting on the results, Sunil Kaushal, Regional CEO, Africa and Middle East said: “I’m extremely proud of our best ever first half performance in over five years! This is the result of all the hard work the team has put over the years and the execution of some tough decisions we made to drive efficiencies and reduce risk. This has happened during a period when the backdrop while improving remains uncertain and challenging and is a true testament to the resilience of our underlying business. We have remained focused on clients and people and have made very good progress on our priorities.
We are amped up for the new development of our organization into the Kingdom of Saudi Arabia. We will use our quality in the Kingdom to advance exchange, venture, and capital streams on the side of the Saudi Vision 2030.
The computerized banking stages we have dispatched across nine key African Markets – Cote d’Ivoire, Uganda, Tanzania, Ghana, Kenya, Botswana, Zambia, Zimbabwe, and Nigeria – have changed the manner in which we work together and interface with our customers. The pandemic, instead of turning into a hindrance, has sped up our development by expanding our client base by over a large portion of 1,000,000, which is half higher than our heritage base.
As we push ahead, the locale is centered around executing quickly against the technique to drive development and still up in the air to help our customers accomplish thriving while being the most mindful and practical bank.”
Standard Chartered Bank’s Africa, Middle East Region has gotten the accompanying honors for the year 2021 which further concretes the advancement and initiative the Bank is building up around here.
- Most Impressive Bank for Middle East and Africa Bonds by Global Capital voted by our clients and peers.
- Bonds, Loans & Sukuk Middle East Award for Bond House of the Year.
- Best International Bank award at the 2021 Asiamoney Middle East’s Best Bank Awards
- World’s Best Subcustodian Banks 2021, Standard Chartered Middle East, Global Finance Magazine
- Best Innovation in Trade Finance by MEA Finance Banking Technology Awards 2021
- Best Islamic Investment Bank by Global Finance Magazine
- Best Islamic Bank for Digital Customer Experience – Overall by the Digital Banker magazine
- UAE International Trade Finance Bank of the Year in the ABF Wholesale Banking Awards 2021