Tag: Standard Chartered

Chief Executive Officer, Standard Chartered Bank Nigeria Ltd, Mr. Dalu Ajene, has called on auditors to ensure that they always apply  emotional intelligence in addressing the inherent challenges that come with practising their profession.

He made the call in his keynote speech at the 58th quarterly general meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos.

 Agene noted that the theme of the meeting, “Being a Human Auditor in a Challenging Environment,” was timely and crucial, as according to him, “we live and work in an era marked by rapid technological changes, economic uncertainties, and evolving regulatory landscapes.”

He pointed out that the role of an auditor has always been complex,  as it requires not only technical proficiency and an unwavering commitment to ethical standards on the part of  practitioners of the profession, but also that they have the ability to navigate the human aspects of their work.

“You must understand that behind every transaction, every financial statement, and every compliance check, there are people—people whose lives and livelihoods depend on your diligence, transparency, accountability and integrity. In doing so, you safeguard not only the assets of your banks but also the trust placed in us by our stakeholders, customers, and the broader community. However, beyond the technicalities and regulatory requirements, there lies an essential truth: we are humans auditing for humans.”

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“Being a human auditor means embracing the essence of empathy and ethical responsibility. It involves recognizing the pressures and challenges, faced by your colleagues, clients, and other stakeholders. It means fostering an environment where open communication, mutual respect, and professional integrity are paramount. In doing so, you build trust, not just in your reports and audits, but in the very institutions you serve. You must therefore acknowledge the inherent challenges that come with the audit profession and the broader environment you operate in. It requires you to exercise not just your analytical acumen but also your emotional intelligence.”

“In these challenging times, the human touch becomes even more critical. It is what allows us to build resilient teams, foster trust, and create systems that are not just compliant but also adaptable and forward-looking,” Ajene said

He expressed his admiration for the level of training that ACAEBIN exposes its members and  internal audit teams to, noting that this is a testament that the Association understands the importance of up-skilling, especially in this era of rapid pace of technological advancement, such as artificial intelligence and blockchain and the opportunities and challenges both presents.

He noted that while the  progress and contributions the Association has made in the industry is commendable, members of the association should intensify their efforts  in addressing challenges and developing strategies, that will help the banking industry navigate these turbulent times with confidence and integrity.

In his address, ACAEBIN Chairman, Prince Akamadu,  expressed gratitude to Ajene and Standard Chartered Bank Nigeria Ltd for once again hosting a meeting of the association.

He also expressed his appreciation to the association’s members, regulators in the banking industry as well as law enforcement agencies for their support and contributions to the growth of  ACAEBIN and the field of audit in the country’s banking industry.

According to him, the meeting was an opportunity for members of the association to reflect on and explore how they  can continue to be effective auditors while maintaining their humanity.

“Being a human auditor means balancing the rigors of our profession with empathy, ethical judgment, and a commitment to the greater good. It involves understanding the broader impact of our work on people, organizations, and society,” Akamadu said.

Standard Chartered Bank Nigeria Limited has appointed Mr. Lanre Olajide as the Head of Wealth and Retail Banking (WRB).

Olajide joined Standard Chartered in 2008 and has held various senior roles in branch management, client relationships, products, and wealth management. He was the head of wealth solutions, deposits, and mortgages in Nigeria before his appointment.

The management of Standard Chartered Bank Nigeria attributed strong and consistent growth in the bank’s wealth solutions business in Nigeria in the past three years to Olajide’s leadership, describing him as “core contributor within the network”.

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He started his banking career 24 years ago at Magnum Trust Bank, now Sterling Bank, and worked in MBC International Bank and First Bank of Nigeria Plc before joining Standard Chartered Bank.

Olajide’s experience cuts across corporate, commercial and consumer banking, and wealth management

He holds a degree in banking and finance and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (HCIB). He is also an Associate of the Chartered Institute for Investment and Securities (ACSI), and an alumnus of various leadership programmes within the bank and externally.

Olajide takes over from David Idoru, who served as head of the business from 2019 until his departure from the bank this year.

Standard Chartered Bank recorded a pre-tax profit of $1.31 billion in 2023, its highest profit within the region in a decade.

Key extracts of the 2023 Strategic Report of the bank showed significant  improvements across key growth fundamentals.

The report indicated significant percentage rise in operating income, substantial profit before tax increase, strong border income growth, widened loan net, leadership in transition to net zero goal and improved cost to income ratio.

Chief Executive, Standard Chartered Africa and Middle East (AME), Sunil Kaushal said the achievement of $1.3 billion in annual profit for Africa and the Middle East, the highest in a decade, is a testament to the bank’s continued dedication to client success and strategic growth initiatives.

“We remain committed to connecting global markets and providing clients with valuable investment opportunities and solutions, further solidifying our position as the Group’s fastest growing region,” Kaushal stated.

He outlined that underlying profit before tax of $1.311 billion was up 66 per cent and highest annual profit since 2015 driven by higher income and a net release in credit provisions partially offset by an increase in expenses.  Operating income of $2.806 billion was up 14 per cent with strong growth in cash management, retail deposits and financial markets.

Income was up by 29 per cent in Middle East, North Africa, Pakistan and up one per cent in Africa.

Also, the bank widened its loan and advances net, with loan to customers up by eight per cent and customer accounts were up by four per cent since December 31, 2022, just as risk-weighted assets were six per cent than previous year despite the impact of sovereign downgrades due to continuing RWA optimisation activities, de-risking in markets with elevated macro-economic risk and currency devaluation.

Credit Impairment net release of $91 million in 2023 compared to $119 million charge in 2022 reflects a non-repeat of the prior year’s sovereign related impairments and releases relating to historic CCIB provisions.

RoTE increased to 16.6 per cent from 9.3 per cent in 2022, as Standard Chartered Bank topped the regional debt capital  market league tables for the tenth consecutive year and secured the first rank in GCC G3 Bond and Sukuk issuance.

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Kaushal noted that the bank also recorded strong cross-border income growth of 39 per cent with broad-based growth across key corridors.

He pointed out that the drive to further embed international banking proposition and activate diverse footprint across Africa and the Middle East resulted in more than 150 per cent growth in priority banking client base across international banking corridors for Africa and the Middle East. Further on actions leading to impressive results, an improvement in productivity was recorded, with income per headcount up 18 per cent.

“Standard Chartered Bank became the first international bank with digital fixed income solutions in Kenya, Nigeria and Ghana while extending the micro-investment solution (SC Shillingi) to Uganda and launching digital personal loans in Kenya.

“With a rich Africa and the Middle East (AME) heritage founded on deep client relationships and historical contributions to the economy and the communities, the bank is improving its unique footprint in the region while also focusing on centres across Asia, Europe and the Americas towards further growth.

Signifying how the bank is well placed to facilitate further trade and investments across the regions, priority areas include providing best-in-class structuring and financing solutions, accelerating growth in differentiated international network, investing in market-leading digitisation initiatives in CPBB to protect and grow market share in core markets and effectively playing the role of industry leader in the transition to net zero across the region,” Kaushal stated.