Despite volatile and challenging market conditions, Standard Chartered PLC delivered a strong performance in the first quarter of 2022, with underlying profit before tax increasing 5 percent on a constant currency basis. Income grew 11 percent on a constant currency basis.
In the Middle East and Africa region, the bank delivered its highest quarterly operating profit in nearly a decade, along with strong growth in income for the first quarter of 2022.
The bank also re-affirmed plans for refocusing and simplifying its presence in the region to drive the next phase of growth.
In the region, the bank saw 59 percent growth in operating profit, with operating profit for a single quarter crossing $300 million, for the first time in nearly a decade.
The regional CEO for Africa and the Middle East, Sunil Kaushal, 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 percent 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 percent.”
Kaushal added: “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.”
The bank also saw significant improvement in the region’s Return on Tangible Equity (ROTE) ratio, to 13.2 percent and an income growth of 16 percent at constant currency, driven by broad-based growth across products.
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