Standard Chartered Bank reports the highest operating profit since 2015 at MEA

Standard Chartered Bank has announced full-year and fourth-quarter financial results through December 31, 2021.

The bank recorded operating profit of $ 856 million. This is the highest since 2015 in the Middle East and Africa (MEA).

Pre-provisioning operating profit increased 21% year-over-year. Bank revenues increased 3.5% to $ 2.44 billion, despite the negative impact of interest rate cuts on margin.

Performance at MEA

Banks made a big turnaround in the UAE, achieving healthy operating profit of $ 242 million, compared to $ 110 million in the same period last year. Growth was driven by cost savings and risk mitigation measures.

In the Middle East (excluding the United Arab Emirates), Saudi Arabia drove significant revenue growth while maintaining cost discipline, resulting in high levels of operating profit over multiple years.

Pakistan achieved record operating profit with strong balance sheet growth and continued productivity gains.

Bank revenues in Africa increased 9% on a constant currency basis due to the momentum of digital banking and a strong pipeline shift.

Today, we announced our full-year results, showing a resilient performance in 2021 and a solid start to 2022. We have also set a wide range of actions to accelerate the achievement of our financial and strategic goals by 2024. Click here for details 👇 See the entire achievements: https://t.co/vu5O3qm8Of pic.twitter.com/HXyyDSymwd

— Standard Chartered (@StanChart) February 17, 2022

Regarding the results, Sunil Kaushal, CEO of Africa and the Middle East, said: Our record financial performance demonstrates progress in implementing our strategy. “

Despite the low interest rates that impacted banks’ cash management and retail businesses, performance was also driven by income growth.

“Throughout the year, we accelerated digital transformation, proudly expanded our digital banking network in Pakistan, and strengthened our customer base through enhanced connectivity. In line with Saudi Arabia’s Vision 2030, last year. Has expanded its presence in Pakistan and provided support for project finance, capital markets and cash management to facilitate trade and investment, “said Kaushal.