Dubai: Standard Chartered’s Africa and Middle East business reported a 28 per cent rise in its operating profit for the first-half of 2022.
The London-based bank’s regional operating profit stood at $581 million on a total income of $1.29 billion. The company said the strong results were driven by ‘double digit’ income growth in major markets like UAE, Pakistan, and Ghana.
“Our first-half performance was strong, underpinned by the successful execution of our strategy. This record performance is a clear testament to the commitment, hard work and resilience shown by the team,” said Sunil Kaushal, Regional CEO, Africa, and Middle East.
“Over the last six months, we redirected resources within the AME region to those areas where we have the potential to scale and grow to better support our client needs. We further secured substantial financing for key infrastructure projects across several markets in the region, participated in sustainability initiatives across the region, and accelerated investments across our digital banking capabilities to ensure our clients continue to receive a personalised, seamless, and convenient experience,” said Kaushal.
“Moving forward, we will continue to innovate and support our clients’ evolving needs, with a focus on accelerating our digital strategy and sustainable finance initiatives. We remain excited about the plethora of opportunities that are stemming from Africa and the Middle East, with Egypt and Saudi Arabia being key markets that we will continue to invest in, as we explore a new era of financial innovation,” he added.
