Standard Chartered Bank reported a significant milestone in its annual profit for Africa and the Middle East in 2023, reaching $1.3 billion, the highest figure recorded in a decade.
The 2023 Strategic Report highlighted robust growth indicators for Standard Chartered, showcasing various metrics. These include a notable increase in operating income, substantial growth in profit before tax, strong expansion in border income, widened net loans, leadership in transitioning to a net-zero goal, and an improved Cost to Income Ratio.
Sunil Kaushal, the CEO of Standard Chartered AME, emphasized the bank’s commitment to client success and strategic growth initiatives. He attributed reaching $1.3 billion in annual profit to the bank’s dedication to providing valuable investment opportunities and solutions, solidifying its position as the Group’s fastest-growing region.
Breaking down the achievements, the underlying profit before tax saw a remarkable 66% increase, marking the highest annual profit since 2015. This growth was driven by higher income and a net release in credit provisions, partially offset by increased expenses. Additionally, operating income reached $2,806 million, up by 14%, with robust growth observed in cash management, retail deposits, and financial markets.
