Standard Chartered Bank (SBB) has informed shareholders thatthe audited consolidated Profit Before Tax for the year ended 31 December 2024 will be approximately between 10% to 20% (P40 million to P81 million) higher than the P403 million reported for the year ended 31 December 2023.
SBB joins a slew of listed banks including Access, Absa, and Stanbic who are also anticipating elevated profitability in their upcoming financial results.
In 2023, the bank attributed the profit 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.
SBB's parent company Standard Chartered Bank is considering selling in wealth and retail operations in several African markets, including Botswana, Zambia and Uganda. The bank said that in the markets it is considering the sale of operations, the "strategic rationale is not sufficiently compelling".