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Standard Chartered PLC (the Group) today released its financial results for the first half of the year ending 30 June 2022.

In the Africa and Middle East (AME) region, the Bank recorded USD 1.291 billion dollars income with USD 581 million in operating profits.

AME Region performance highlights:

·         Broad-based growth across markets, segments, and products  

·         Income up 8 per cent Y-o-Y on constant currency to USD 1.291 billion

·         Operating Profit USD 581 million up by 28 per cent Y-o-Y on constant currency basis

·         Strong improvement in the region’s Return on Tangible Equity (RoTE) at 13 per cent

·         Geographical Highlights – Double digit income growth and high Operating Profit growth in major markets like the UAE, Pakistan, and Ghana. Pakistan delivered its highest ever half yearly Operating Profit.

Commenting on the results, Sunil Kaushal, Regional CEO, Africa and Middle East said: “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.”  

He added: “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.”

“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.” Sunil concluded.

Standard Chartered Bank’s Africa, Middle East Region has received the following awards for the year 2021 and 2022 which solidifies the Bank’s robust progress as industry leaders in the region.

·         Most Impressive Bank for Middle East and Africa Bonds by Global Capital

·         Bond House of the Year by Bonds, Loans & Sukuk

·         Middle East Bond House of the Year by IFR

·         Bank of the Year – Middle East and Africa, Global Deal of the Year - Jazan IGCC, AME Deal of the Year – Dubai Waste to Energy, AME PPP Deal of the Year – Yanbu 4 IWP, Central Asian Deal of the Year – Sirdarya 1, Middle East Gas Deal of the Year – Basrah Gas Company, African Deal of the Year – OML 17 by Project Finance International

·         Best M&A House in MENA by Global Finance

·         Best M&A House in MENA by MEA Finance

·         World’s Best Consumer Digital Banks in Africa and the Best Consumer Digital Bank in 9 of our markets in Africa by the Global Finance Magazine

·         Sukuk Adviser of the Year – Global, Best Islamic Investment Bank – Middle East, Best Green Sukuk, Best SRI Sukuk and Best Sovereign Sukuk by The Asset Triple A Awards

·         Best in Treasury & Cash Management – Middle East by The Asset Triple A Awards

·         Social Impact SRI/ESG Deal of the Year by the Islamic Finance News Awards

Source: Hill+Knowlton Strategies