Standard Chartered anticipates economic recovery
Standard Chartered bank is optimistic that the second half of the year will improve the company’s earnings, which dropped during the first half of the year, as the economy exhibit an upturn in economic activities.
According to the bank’s unaudited abridged consolidated financial results for the period ended 30th June 2021, the profit before taxation dropped P75, 241 million compared P109, 337million recorded during the same period last year.
“Despite these challenges, economic activity is gaining momentum and expected to positively drive business performance, benefiting the banking sector,” said Standard Chartered Managing Director, Mpho Masupe.
He further said the business remains resilient despite elevated risks in the operating environment and continues to build on the strong business momentum recorded in 2020.
“The path to recovery from the COVID- 19 pandemic remains uncertain as it is hinged on efforts to ensure the country achieves herd immunity along with recovery of our key trading partners,” Masupe said.
He said the first half results reflect progress made in building a strong and resilient balance sheet, as a result of reviewing the product offering, reorganization operating model and continued acceleration our digitization agenda.
“The business is optimistic of an overall positive outcome for the year,” Masupe said.
He further highlighted that despite some headwinds expected to continue during 2021, the business remains well- resourced and positioned to face the challenges and deliver a strong performance again.
“Our clients remain central to our business and the bank continues to focus on delivering quality products and a great client experience. In addition, an enhanced client value proposition will be introduced, pivoted on personalised wealth solutions to help clients grow and manage their wealth.
“The segment will continue to drive the digitisation agenda through the introduction of more self- service offerings which will accelerate growth into the future,” Masupe said.
The bank also highlighted that innovations in digital platforms are bearing fruit, as cost of acquisition and servicing are declining.
Meanwhile, the bank’s loan book remains resilient despite the difficult operating environment occasioned by sustaining pandemic impacts during the first half of the year.
Our clients remain central to our business and the bank continues to focus on delivering quality products and a great client experience. In addition, an enhanced client value proposition will be introduced, pivoted on personalised wealth solutions to help clients grow and manage their wealth.