Income grew 11 per cent on a constant currency basis
Standard Chartered (www.SC.com) PLC (the Group) has released its financial results for the first quarter, ending 31 March, 2022. The Group delivered a strong performance in the first quarter of 2022 in volatile and challenging market conditions, with underlying profit before tax increasing 5 per cent on a constant currency basis. Income grew 11 per cent on a constant currency basis.
In the Africa and Middle East (“AME”) region, the Bank reported strong growth in income, and delivered the highest quarterly operating profit in nearly a decade. The Bank also re-affirmed plans for refocusing and simplifying its presence in the region to drive the next phase of growth.
Africa and Middle East performance highlights:
- A robust growth in Operating Profit of 59%
- Operating profit for a single quarter crossed $300m, for the first time in nearly a decade
- Significant improvement in the region’s Return on Tangible Equity (ROTE) ratio, to 13.2%
- Income growth of 16% at constant currency, driven by broad-based growth across products
- Cost discipline continued, resulting in income-to-cost jaws of 9%
- Geographical highlights – Strong growth across major markets like UAE, Pakistan, Kenya, Ghana and Saudi
Commenting on the results, Sunil Kaushal, Regional CEO, Africa and Middle East said: “Following a record financial performance across Africa and the Middle East in 2021, I am extremely proud to share that we have achieved another record performance in the first quarter of the year. This growth has been a result of the hard work and commitment of our team coupled with the execution of some tough decisions we made to drive efficiencies and reduce risk. This outstanding performance was primarily driven by 16% growth in income broad based across our key markets, and strong cost focus, which has resulted in a robust growth in operating profit of 59%.
As we move forward, the region is focused on executing swiftly against the bank’s strategy to drive our next phase of growth, while seamlessly simplifying our presence. We are excited about the scale of opportunities across the region, such as Egypt and Saudi Arabia and continue to invest in digital capabilities across the region. I’d like to thank my esteemed colleagues for their continued dedication and team spirit during this quarter as we remain determined to support our clients and help them achieve prosperity whilst being the most responsible and sustainable bank.” Sunil concluded.