BY BANKERS REPORTER
Standard Chartered PLC released its financial results for the full year and fourth quarter ending December 31, 2021, indicating the highest operating profit since 2015.
Income grew by 3.5% to USD 2,446 million despite the adverse impact of rate cuts on margins. Record levels of income were reported in the bank’s financial markets and wealth management business.
The Bank’s income in Africa grew by 9% on a constant currency basis driven by the digital banking momentum and strong pipeline conversion; Operating Profit for Africa was at the highest level since 2015.
Sunil Kaushal, Regional CEO, Africa and Middle East said: “2021 was an exceptional year for us in the Africa and Middle East region. Our record financial performance demonstrates the progress made in the execution of our strategy. It is testament to the hard work and commitment of our team and the continued cost discipline which has allowed investments to continue though the cycle”.
A significant turnaround in the United Arab Emirates (UAE) with a healthy Operating Profit of USD 242 million compared to a USD 110 million during the same period last year, driven by cost reductions and de-risking actions.
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Operating Profit grew to a robust USD 856 million, recording the highest level since 2015. Sustained cost discipline resulted in a net reduction of 4% year-on-year despite continuing investments. This generated a positive income-to-cost jaws of 7%.
“Throughout the year, we accelerated our digital transformation, proudly expanding our digital banking network in Pakistan, in turn strengthening our customer base through enhanced connectivity. Aligned to the Kingdom of Saudi Arabia’s vision 2030, we have also expanded our presence in Saudi Arabia last year to provide project finance, capital markets and cash management support to promote trade and investments.” Sunil concluded.