Stanchart profits rise on turnaround strategy

Commenting on the results, the bank’s chief executive officer Moatlhodi Lekaukau said despite a challenging year, the initiatives they took to turn around and improve performance have realised significant gains.

“The group remained committed to delivering on medium term strategy into 2016 that was underpinned by people, service delivery, stronger control environment and employee banking. Collectively these have contributed to ensuring that our balance sheet remained resilient whilst creating value for our customers and stakeholders,” he said. In 2016, the bank’s income grew by three percent in the face of the challenging macroeconomic environment while performance was also impacted by a once-off significant impairment charge in retail banking.