Standard Chartered posts highest half-year MENA profit in 5 years
Published 03 Aug,2021 via Arab News - Economy JEDDAH - Standard Chartered Bank reported its biggest half-year operating profit in the Middle East and North Africa for five years as wealth management income increased and credit impairments fell.
The emerging market-focused lender posted an operating profit in MENA of $476 million in the six months to the end of June, up from $91 million a year earlier, it said in a statement. Globally, it reported a 57 percent increase in pretax profit to $2.55 billion, announced a $250 million share buyback and a $94 million dividend.
Income in the MENA region was flat year on year after being impacted by rate cuts and currency devaluation, which provided a drag of about 8 percent, the bank said. Income in Africa grew by 6 percent on a constant currency basis.
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