Standard Chartered Bank has released its financial results for the half year ending 30 June, 2021. Profit before tax grew 37% compared to a similar period last year. This translates to an Operating Profit of Ksh. 51.8 billion (USD 476 million) compared to Ksh. 9.9 billion (USD 91 million) during the same period last year.
The growth has been attributed to 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 program together with the resumption of the interim dividend payment. Standard Chartered recorded its highest half-yearly operating profit over the last five years in the Africa and the Middle East region.
Key highlights from the financial report
- Income remained flat year on year and 1% higher on a constant currency basis despite being impacted by rate cuts and currency devaluation.
- Significant improvement in the region’s Return on Tangible Equity (ROTE) ratio.
- A turnaround story in the UAE, with significantly improved returns.
- Income growth in Africa grew by 6% 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.”
Standard Chartered Bank’s Africa, Middle East Region has received the following awards for the year 2021.
- Most Impressive Bank for Middle East and Africa Bonds by Global Capital, voted by our clients and peers.
- Bonds, Loans and 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 sub-custodian 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.