Standard Chartered records $1.3bn pre-tax profit

Standard Chartered Bank recorded $1.3 billion in annual profit for Africa and the Middle East in 2023, the highest in a decade.

According to a statement, the 2023 Strategic Report unveiled solid growth fundamentals for Standard Chartered based on a set of diverse metrics, including significant percentage rise in operating income, substantial profit before tax increase, strong border income growth, widened loan net, leadership in transition to net zero goal and improved Cost to Income Ratio.

The CEO, Standard Chartered AME, Sunil Kaushal, was quoted in the statement as saying: “Our achievement of USD 1.3 billion in annual profit for Africa and the Middle East, the highest in a decade, is a testament to the bank’s continued dedication to client success and strategic growth initiatives.

“We remain committed to connecting global markets and providing clients with valuable investment opportunities and solutions, further solidifying our position as the Group’s fastest-growing region.”

Breaking down the milestones, underlying profit before tax was up 66% and the highest annual profit since 2015 driven by higher income and a net release in credit provisions partially offset by an increase in expenses while operating income of $2,806 million was up 14% with strong growth in cash management, retail deposits and financial markets.