Reflecting the positive economic growth environment generally, the above winning banks achieved solid profit growth, Kenya was up 31%, while Sierra Leone saw a 41% increase in assets as the end of the civil war opened up trade flows.
In terms of profitability, all five achieved healthy returns on equity in excess 26%, with Botswana reaching 95.9%, indicating the opportunities available in Africa.
CEO Mervyn Davies notes: “Africa is an important part of Standard Chartered’s history and future and is a diverse continent. Many of its economies, such as Nigeria and Botswana, are experiencing strong economic growth and are being transformed by high commodity and energy prices.
“The strengthening trade links between Asia, particularly China, and Africa have received much attention in 2006. As the only international bank with strong presences in both Asia and Africa, we are helping to fund this growing trade activity, and so it is particularly pleasing that we have won these awards at this time.
“Africa still faces huge challenges, and being a leading bank in Africa means more than running a successful business. We are supporting communities through our global campaigns to combat avoidable blindness, HIV/Aids and Malaria as well as deploying our people and expertise to encourage sustainable development.”
