Standard Chartered Bank’s Africa and Middle East (AME) region has recorded operating profit of USD581 million, up by 28 per cent for the first half of the year ending 30 June 2022 – the highest half-yearly profit since 2015.
The profits are representative of an income growth of 8 per cent Year-on-Year on constant currency to USD1,291 million. The bank said double digit income growth and high operating profit growth in major markets like the UAE, Pakistan, and Ghana is to thank for.
Sunil Kaushal, the Regional CEO, Africa and Middle East said: “Our first half performance was strong, underpinned by the successful execution of our strategy. This record performance is a clear testament to the commitment, hard work and resilience shown by the team.”
He added: “Over the last six months, we redirected resources within the AME region to those areas where we have the potential to scale and grow to better support our client needs. We further secured substantial financing for key infrastructure projects across several markets in the region, participated in sustainability initiatives across the region, and accelerated investments across our digital banking capabilities to ensure our clients continue to receive a personalised, seamless and convenient experience.”
“Moving forward, we will continue to innovate and support our clients’ evolving needs, with a focus on accelerating our digital strategy and sustainable finance initiatives. We remain excited about the plethora of opportunities that are stemming from Africa and the Middle East, with Egypt and Saudi Arabia being key markets that we will continue to invest in, as we explore a new era of financial innovation.” Sunil concluded.