Standard Chartered has released its financial results for the full year and fourth quarter ending 31st December, 2021. In the Africa and Middle East region, the Bank has recorded its highest operating profit since 2015.
Income grew by 3.5% to Ksh. 277,987,900 (USD 2,446 million) despite the impact of rate cuts on margins. Record levels of income were also reported in the bank’s financial markets and wealth management business.
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%. Likewise, pre-provision operating profit increased by 21% year-on-year. Operating profit also grew to a robust Ksh. 97 billion (USD 856 million), recording the highest level recorded since 2015. In Africa, the Bank’s income Africa grew by 9% on a constant currency basis driven by the digital banking momentum and strong pipeline conversion.
Commenting on the results, Sunil Kaushal, Standard Chartered Regional CEO for Africa and the 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.”
In 2021, Standard Chartered Bank’s Africa, Middle East Region received various awards in recognition of its achievements. These include the following.
- Bond House of the year by Bonds, Loans & Sukuk
- Middle East Bond House of the Year by IFR
- Best M&A House in MENA by Global Finance
- Best M&A House in MENA by MEA Finance
- Social Impact SRI/ESG Deal of the Year by the Islamic Finance News Awards