Standard Chartered Bank recorded a P403 million increase in profit before tax in 2023, a growth of 59% compared to 2022. The bank attributed the growth to a return on investment of its digitalisation strategies which has seen the bank's cost-to-income-ratio (CIR) drop from 93% in 2017 to 64% in 2023.
In 2022, Standard Chartered announced that it was planning to migrate all of its services online. According to the bank, the cost of serving clients physically was 4 times that of serving them digitally. So far, over 95% of the bank's client transactions are done off-branch, and 99% of new clients are onboarded digitally. Additionally, the bank claims that it has 70 services available online. EazyPula, the bank's agency banking product, also achieved 81 locations around the country, albeit missing its target of 150 locations.
 |
| Standard Chartered Bank's share price grew by 86% in 2023. (Image source: SCBB) |
"As we continue to enhance our first and best-in-class digital capabilities, we have pivoted to driving our affluent proposition and leverage our strength as a go-to Bank for mining and sustainable finance advisory services, aligning with the national priorities for 2024,” said CEO Mpho Masupe.
Elsewhere on Standard Chartered's financial results, income from affluent and business client segments grew by 49% and 25% respectively. Total revenue was up 15% to over P1 billion while net interest income was up 38% to P806 million.