Standard Chartered has reported a record US$1.291 billion dollars income in Africa and Middle East (AME) region for the first half of 2022. The bank’s operating profits has also increased to with US$581 million, a 28% increase in operating profit compared to last year.
This is the highest half-yearly Operating Profit since 2015.
The bank witnessed double-digit income growth and high Operating Profit growth in major markets like the UAE, Pakistan, and Ghana. There has been a strong improvement in the region’s Return on Tangible Equity (RoTE) at 13 percent.
“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,” Sunil Kaushal, Regional CEO, Africa and Middle East said. “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.”