- In its financial results released on February 17, th the Standard Chartered Bank has reported that its highest operating profit since 2015 was recorded in the Africa and Middle East region.
- The period covered in the report includes the full year and fourth quarter ending 31 December 2021.
In its financial results released on February 17, th the Standard Chartered Bank has reported that its highest operating profit since 2015 was recorded in the Africa and Middle East region. The period covered in the report includes the full year and fourth quarter ending 31 December 2021.The Bank reported that its operating profit soared to $856 million, recording the highest level since 2015 .Despite the rate cuts on margins, its Income rose by 3.5 per cent to $2,446 million.
The report points to a significant turnaround in the UAE earning a healthy Operating Profit of $242 million against $110 million during the same period last year. The improvement is attributed to cost reductions and de-risking actions.
In Africa, the Bank’s income recorded a growth of 9 per cent the highest level since 2015, on a constant currency basis led by the digital banking momentum and strong pipeline conversion. The record performance was also driven by income growth despite the lower interest rate which impacted the bank’s cash management and retail businesses.
