Standard Chartered Bank records highest operating profit in 5 years

Standard Chartered PLC has released its financial results for the half year ending 30 June 2021, saying its Profit Before Tax grew 37 per cent year on year.

The bank further announced an additional share buy-back programme together with the resumption of the interim dividend payment.

Sunil Kaushal, Regional CEO, Africa and Middle East, in a statement on Tuesday, said that the result was a product of the hard work the team had put over the years and the execution of some tough decisions made to drive efficiencies and reduce risk.

“We have remained focused on clients and people have made very good progress on our priorities.

“We are excited about the recent expansion of our network into the Kingdom of Saudi Arabia. We will leverage our presence in the Kingdom to promote trade, investment and capital flows in support of the Saudi Vision 2030,” he said.

Kaushal said the bank had launched digital banking platforms across nine key African Markets – Cote d’Ivoire, Uganda, Tanzania, Ghana, Kenya, Botswana, Zambia, Zimbabwe, and Nigeria, which has transformed its business and connection with the clients.

He said the pandemic, rather than becoming a stumbling block, had accelerated the growth by increasing its customer base by over half a million, which accounted 50 per cent higher than the legacy base.

“This has happened during a period when the backdrop while improving remains uncertain and challenging, which is a true testament to the resilience of our underlying business.

“As we move forward, the region is focused on executing swiftly against the strategy to drive growth and we are determined to support our clients achieve prosperity whilst being the most responsible and sustainable bank,” he said.