Stanchart profits jump 59%

Unveiling the group’s financial performance on Wednesday, officials said the growth was primarily driven by transaction banking, strong cash management solutions, migration to digital, trade financing, differentiated and high-yielding derivative solutions, and robust securities services offerings. In the last financial year, SCBB managing director, Mpho Masupe said the bank delivered a strong set of financial results with excellent performance in income and profit before tax.

“This outstanding performance was driven by the focused execution of our ambitious three-year strategy, which is in its second performance and proving to be fit for purpose, in this dynamic operating environment,” he said. Customer total loans and advances increased by 10% to P8.6 billion largely driven by facility utilisation within the Corporate, Commercial Institutional Banking (CCIB) segment. The CCIB portfolio comprises banks and non-bank financial institutions, government and government-related enterprises, and multinational corporations and development organisations.