Standard Chartered’s quarterly operating profit for the Middle East and Africa has reached a near ten-year high, thanks to higher income across key markets and better cost efficiency. 

Operating profit for the three months ending March 31, 2022 went up by 59 percent to $302 million, the highest recorded in a quarter in nearly a decade, the bank reported on Thursday. 

The lender said it achieved “strong growth” across major markets in the region, including Saudi Arabia, UAE, Pakistan, Kenya and Ghana.  

Overall, the London Stock Exchange-listed bank recorded a 4 percent year-on-year growth in profit before tax. 

In the region, the bank achieved an income growth of 16 percent on a constant currency basis, driven by broad-based growth across its products, and generated a positive income-to-cost jaws of 9 percent. Expenses increased 5 percent, while impairments were a $45 million net release in the quarter. 

“[The performance] was primarily driven by 16 percent growth in income…across our key markets and strong cost focus, which has resulted in a robust growth in operating profit of 59 percent,” Standard Chartered said. 

(Reporting by Cleofe Maceda; editing by Daniel Luiz) 

Cleofe.maceda@lseg.com