An improved performance in the UAE helped Standard Chartered to make record profits last year.
The multinational bank headquartered in London reported pre-tax profits of US$6.7 billion (Dh24.61bn), a rise of 10.6 per cent from the same period a year earlier.
Annual pre-tax profits from the Middle East and South Asia region, however, dipped by 0.8 per cent to $834 million compared with a year earlier.
The lender's Middle East franchise proved "resilient" despite political turmoil in parts of the region, generating a 2 per cent rise in operating income to $2.2bn during the year, said Peter Sands, the bank's chief executive.
"In our biggest market, the UAE, we are seeing a return of confidence, despite the debt overhang, with hotel bookings, airport arrivals and container traffic all up strongly."
Despite increasing revenues from the region, an increase in costs stopped the bank from generating stronger profits during the year.
An increase in staff numbers in the UAE led to a rise in costs at its consumer and wholesale lending divisions, the bank said.
The bank's income from its consumer lending division in the UAE grew 7 per cent on increased personal loans and mortgages.
Levels of bad debts fell across the region, with impairments for defaulting loans 5.2 per cent lower at $286m and charges for bad debts at its consumer banking division 44 per cent lower at $89m.
The majority of the decline in bad debt was in the UAE, where the bank has tightened underwriting criteria and focused on secured lending, while an improving jobs market aided its customers' personal finances.
"UAE income growth was partly offset by lower income in Qatar, as regulatory restrictions impacted asset volumes and asset and liability margins," the bank said.
The Middle East and South Asia was one of only three regions where the bank registered a drop in income.
Pre-tax profits fell by 32.8 per cent in India during the year to $804m, after the bank was hit by multiple interest-rate hikes by the Reserve Bank of India.
In Korea, profits fell to $172m, a decline of 55.6 per cent. The bank suffered a 10-week strike last year after an attempt to implement performance-based pay in the country, where salary is usually determined by seniority.
The bank attempted to rein in bonus payments during the year, said Sir John Peace, the lender's chairman.
"Despite considerable growth in profits, the bonus pool has been kept flat and the amount we are paying out in bonuses is less than we are paying to our shareholders by way of a dividend," he said.
ghunter@thenational.ae
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The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Inside%20Out%202
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RESULTS
Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.
Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.
Bantamweight (54kg): Dina Zholaman (KAZ) beat Sitora Shogdarova (UZB) 3-2.
Featherweight (57kg): Sitora Turdibekova (UZB) beat Vladislava Kukhta (KAZ) 5-0.
Lightweight (60kg): Rimma Volossenko (KAZ) beat Huswatun Hasanah (INA) KO round-1.
Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.
Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0
Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.
Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.
Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Company%20Profile
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
PROFILE BOX:
Company/date started: 2015
Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia
Based: Dubai, UAE
Sector: Technology, Sales, Voice, Artificial Intelligence
Size: (employees/revenue) 10/ 100,000 downloads
Stage: 1 ($800,000)
Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5