StanChart pessimistic on domestic economy
Standard Chartered Bank has warned that economic activities will continue to face uncertainties in the second half of the year, due COVID-19 pandemic.
“Significant uncertainties arising from the COVID-19 pandemic remain. It is widely expected that the second half of the year will be punctuated by intermittent lockdowns of localities while the disruptions on global supply chains will likely persist, albeit with some level of reprieve,” said Standard Chartered Chairperson, Doreen Khama.
The business started the year on a positive note, sustaining good momentum throughout the first quarter before facing a noticeable disruption in the second quarter of the year. However, the overall H1 results portray a broadly positive picture. There is a consensus on a pronounced contraction in the global and regional economies, and the domestic market is no exception. The Bank continues to upscale its COVID-19 response measures in alignment to the ideals postulated by competent authorities, and this include robust business continuity plans and apt health and safety protocols for clients, staff and communities.
Credit extension will continue, but in the full context of realities imposed by the corona virus pandemic. Protection of, and vigilance around the extant book remains paramount and ongoing client engagements are symbolic of the bank’s belief in proactive and transparent approach to risk management.