Connect with us

Banking

Standard Chartered Lauds Employees for Impressive HY Performance

Published

on

Standard Chartered Bank SC EduEdge

By Ashemiriogwa Emmanuel

The first six months of this year was positive for Standard Chartered Plc as the multinational banking and financial services company recorded its highest half-yearly operating profit over the last five years.

In the financial statements released by the group, profit before tax increased by 37 per cent year-on-year (YoY), which was supported by improved loan impairments, strong underlying business momentum and significant improvement across the bank’s strategic priorities.

The bank reported tremendous performance in Africa and the Middle East region as underlying income grew by 8 per cent and reflected on the growth in Wealth Management Income and healthy pipeline conversions.

Amid the impact of rate cuts and currency devaluation, the bank’s income remained flat YoY and saw a one per cent increase on a constant currency basis.

According to the report, a total of $476 million was recorded on Healthy Operating Profit of USD as against the previous year’s $91 million. This was mainly achieved by reduced credit impairments, wealth growth, productivity actions, and a strong pipeline.

Another major highlight that contributed to the bank’s impressive performance was how well the company was able to use investment funds to generate earnings growth as there was a significant improvement in the region’s Return on Tangible Equity (ROTE) ratio.

The financial results further showed a 6 per cent income growth in Africa on a constant currency basis which was supported by the digital banking momentum in Consumer, Private, and Business Banking (CPBB) segment.

Commenting on the results, the Regional CEO, Africa, and the Middle East, Mr Sunil Kaushal expressed delight over the performance, pointing out that it was the best ever half-year outcome in over five years.

He also disclosed the bank’s plan to promote trade, investment, and capital flows in support of the as they penetrate their network into the Kingdom of Saudi Arabia.

According to him, “I’m extremely proud of our best ever first-half performance in over five years. This is the result of all the hard work the team has put in over the years and the execution of some tough decisions we made to drive efficiencies and reduce risk.

“This has happened during a period when the backdrop while improving remains uncertain and challenging and is a true testament to the resilience of our underlying business.

“We have remained focused on clients and people and have made very good progress on our priorities. We are excited about the recent expansion of our network into the Kingdom of Saudi Arabia. We will leverage our presence in the Kingdom to promote trade, investment, and capital flows in support of the Saudi Vision 2030.”

Mr Kaushal further revealed that the havoc wrecked by the COVID-19 pandemic was a catalyst for growth as it increased their customer base by over half a million across the nine key African markets.

“The digital banking platforms we have launched across nine key African markets – Cote d’Ivoire, Uganda, Tanzania, Ghana, Kenya, Botswana, Zambia, Zimbabwe, and Nigeria – have transformed the way we do business and connect with our clients.

“The pandemic, rather than becoming a stumbling block, has accelerated our growth by increasing our customer base by over half a million, which is 50 per cent higher than our legacy base.

“As we move forward, the region is focused on executing swiftly against the strategy to drive growth and we are determined to support our clients achieve prosperity whilst being the most responsible and sustainable bank,” he said.

Continue Reading
Click to comment

Leave a Reply

Banking

Airtel’s Smartcash Payment Service Bank Begins Operations in Nigeria

Published

on

Smartcash Payment Service Bank

By Aduragbemi Omiyale

The payment service bank of Airtel Africa Plc, Smartcash, has commenced operations in Nigeria with the launch of the company’s wholly-owned subsidiary at an event held in Lagos on Thursday.

The leading provider of telecommunications and mobile money services, which trades its shares on the Nigerian Exchange (NGX) Limited, launched the PSB arm at the Eko Hotels and Suites with several personalities in attendance.

Some of the bigwigs at the event were the Group CEO of Airtel Africa, Mr Segun Ogunsanya; the Chairman of Smartcash PSB Ltd, Mr Kingsley Umadia; the Lagos State Commissioner for Finance, Mr Rabiu Olowo; Chief Human Resources Officer of Airtel Africa, Ms Rogany Ramiah; the Special Advisor to the President on Social Investments, Mrs Maryam Uwais; the Managing Director/CEO of Airtel Nigeria, Mr Surendran Chemmenkotil and the CEO of Smartcash PSB, Mr Muyiwa Ebitanmi, amongst others.

During the occasion, Airtel said the SmartCash PSB will provide secure and reliable financial services to customers across Nigeria after obtaining a license from the Central Bank of Nigeria (CBN).

The firm, which has its headquartered in Lagos, will accept deposits from individuals and small businesses, carry out payment and remittance services within Nigeria, and issue debit and prepaid cards among other banking services.

SmartCash also enables person-to-person payment and transfers from across the world. The service is currently available at selected retail touchpoints, though it hopes to reach the 36.8 per cent unbanked adult population in Nigeria, as estimated by the Access to Financial Services in Nigeria report.

Plans are underway to expand the innovative, technology-driven services to all parts of the country, including the furthest and most remote, in an effort to accelerate financial inclusion for all Nigerians.

“The launch of SmartCash Payment Service Bank gives us fresh impetus at Airtel Africa to continue growing our footprint in the continent and delivering innovative solutions.

“In the bank, we have the best of both worlds – a hybrid of commercial bank and mobile financial services – offering last mile connection to the financially excluded. Through it, we want to contribute towards driving financial inclusion in Nigeria, to empower Nigerians while transforming the payment landscape in Nigeria and the rest of Africa,” Mr Adesanya stated.

On his part, Mr Ebitanmi said: “Through SmartCash Payment Services Bank, we aim to bridge the financial divide by providing rural and urban Nigerians access to innovative, highly secured and reliable banking services that are powered by technology and are relevant to their needs.”

Continue Reading

Banking

New, Existing Customers of Stanbic IBTC to Enjoy Non-Collateralised Digital Loans

Published

on

Stanbic IBTC Holdings

By Modupe Gbadeyanka

New and existing customers of Stanbic IBTC Bank Plc have been assured of non-collateralised digital loans at any time of the day for their personal and business use

The chief executive of the lender, Mr Wole Adeniyi, explained that customers can access the affordable funding from N20,000 to N20 million from any location 24/7 without having to visit the branch and without paperwork as they are all digitised end-to-end.

He stated that the Stanbic IBTC Digital Loans come in various packages like Stanbic IBTC Unsecured Personal Loan, Top-Ups, Smart Loan, EZ Cash, and Device Financing.

It was explained that through the Stanbic IBTC Smart Loan solution, customers of the bank who also have mutual fund investments with Stanbic IBTC Asset Management can access up to N20 million instant loan to finance personal and business projects while their investments continue to earn them returns.

With the upgraded Stanbic IBTC Unsecured Personal Loan, salary earners can apply for a top-up of existing loans through their mobile devices from the comfort of their homes.

Similarly, with Stanbic IBTC EZ Cash, customers can access loans of up to N7.5 million via the bank’s USSD code *909*44#, the My Bank Module of the Stanbic IBTC Mobile App and the bank’s online banking portal. Customers can access loans quickly and conveniently with up to 48 months of repayment, depending on the loan type.

“The Stanbic IBTC Digital Loans, which are available via our Super App, our website, our *909# USSD service and Internet Banking, help alleviate some of the challenges individuals experience in meeting urgent financial needs.

“The loans are available to both new and existing customers of Stanbic IBTC and are geared towards helping customers meet their financial obligations at any time, no matter the urgency,” he stated.

“Customers, through the Stanbic IBTC Device Financing solution, can acquire new mobile devices from MTN partner stores and enjoy additional benefits such as 4GB data, 100 minutes talk time monthly and insurance against loss and screen damage,” Mr Adeniyi added.

He assured that the company would continue to design financial solutions that will meet the needs and enhance the financial growth of its esteemed customers.

“With economic empowerment as a core pillar of our corporate social investment initiatives, we remain committed to ensuring not only the growth of our customers but also their business activities,” Mr Adeniyi concluded.

It was gathered that the funding packages were designed by Stanbic IBTC as part of efforts to assist Nigerians with financing and also to address the challenges facing individuals in accessing finance.

Continue Reading

Banking

Ecobank Named Best Trade Finance Bank in West Africa

Published

on

Ecobank Nigeria

By Adedapo Adesanya

Ecobank has been named the Best Trade Finance Bank in West Africa at the prestigious Global Trade Review’s Leaders in Trade awards held in London last month.

In a statement released on Tuesday, the lender announced that the award comes as recognition of its solutions for domestic and regional supply chain financing across key trade corridors as well as the bank’s arranger roles and participation in key soft commodities campaign financing across West Africa, notably covering cotton, cacao, soya beans and cashew nuts.

Ecobank’s offerings are supplemented by its state-of-the-art E-trade module under the Omni Plus platform and its products are positioned to support both Corporate and Investment Banking and SME customers in leveraging on the African Continental Free Trade Area’s opportunities and growing intra-African trade.

The judges also recognized Ecobank’s Trade Services solutions, which led the bank to command significant market share on Letters of Credit across the continent, leveraging on its Paris-based affiliate, Ecobank International, for confirmations, payments, and discounts.

Commenting on the recognition, Mr Souleymane Diagne, Group Head, Trade Finance, Ecobank, said: “As a Pan-African bank with the largest footprint across the continent, a major ambition of Ecobank is to be the preferred trade bank for SMEs and corporates across Africa. We are committed to enabling them to take advantage of the immense growth opportunities fostered by the game-changing African Continental Free Trade Area.

“This accolade from Global Trade Review provides welcome recognition of the impact we are making through our suite of trade products and solutions, which include Structured Trade and Commodity Finance, Trade Services and Supply Chain Finance.

“For our customers and partners in West Africa and throughout sub-Saharan Africa, we are resolved to continue delivering value through our trade and multi-currency payments solutions, leveraging on our African expertise and our network’s advantage.”

Ecobank works closely with clients and leverages partners within and outside Africa in reviewing key aspects of transaction dynamics, including settlement, financing, risk mitigation, credit enhancement, syndications and applicable regulations.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: