Business & Money
Standard Chartered’s 2023 Financial Success and HR Focus
Standard Chartered’s strong financial performance in 2023, coupled with its dedication to HR excellence, highlights the bank’s capability to thrive in a complex global environment. Standard Chartered maintains its position as a leader in the financial services sector by prioritizing skills development, progressive benefits, psychological safety, and effective change management.
: Standard Chartered’s Impressive 2023 Financial Results and HR Excellence Showcase the Bank’s Strength in a Complex Global Landscape, Focusing on Skills, Progressive Benefits, Psychological Safety, and Effective Change Management
By Charles Wachira
Standard Chartered, a UK-headquartered global banking giant, operates in 53 markets with 85,000 employees. In 2023, the bank reported a total operating income of $17.4 billion, a 10% increase from 2022, and a profit of $5.7 billion despite a challenging global economy.
Dr José Viñals, Group Chairman of Standard Chartered, highlighted the bank’s success in the latest financial report, attributing the impressive results to a clear strategy, discipline, and tireless execution led by Group Chief Executive Bill Winters and his management team.
UNLEASH interviewed Tanuj Kapilashrami, a key member of Standard Chartered’s C-Suite.
Formerly the bank’s CHRO, Kapilashrami transitioned to Chief Strategy and Talent Officer in April 2023. She emphasised the intersection of corporate strategy, people, talent, and the bank’s transformation agenda. Kapilashrami’s HR experience has always aligned with these areas, ensuring that the people and talent agenda supports the corporate strategy.
Standard Chartered’s 2023 results reflect the effectiveness of its strategy.
The bank achieved double-digit growth in key markets, marking a significant milestone.
Kapilashrami stressed that the people and culture agenda is vital to the bank’s performance and business strategy.
Dr. Viñals echoed this sentiment, noting that the Board and the Management Team are committed to maintaining the bank’s status as an employer of choice. The bank reported its highest employee net promoter score (25.86), up 8.31 points from 2022, indicating intense employee satisfaction and willingness to recommend working there.
In her interview with UNLEASH, Kapilashrami shared insights into Standard Chartered’s HR strategy. One key initiative is the bank’s transformation into a skills-first organisation.
This shift began in 2019 when strategic workforce planning revealed that advances in technology would render many jobs obsolete (“sunset jobs”) while creating new roles (“sunrise jobs”).
The bank found that reskilling and redeploying employees internally was more cost-effective than hiring externally. This approach also addressed the gender imbalance in emerging fields, supporting diversity and inclusion.
To facilitate this transformation, Standard Chartered has focused on future skills, both technical and human.
The bank has embraced a culture of learning, changing its learning platform to EdCast (now part of Cornerstone) and launching Future Skills Academies in areas like cybersecurity, data, and sustainability.
The bank also partnered with Gloat on an AI-powered talent marketplace, which matches employees to roles, projects, and gigs based on their skills. This marketplace has engaged 32,000 employees, with 26,000 using it to complete 2,500 projects.
Standard Chartered’s commitment to progressive benefits is another source of Kapilashrami’s pride.
The bank offers equalised parental leave globally, allowing parents to take leave regardless of gender or circumstances.
The policy has increased parental leave from two weeks to around eight weeks. Additionally, the bank provides menopause coverage through its insurance providers, emphasising its commitment to employee well-being in markets without national health systems.
Psychological safety is also a priority for Standard Chartered. The bank’s two-way feedback process has increased psychological safety by 20 percentage points.
This process ensures employees know where they stand and can develop and grow, which is linked to innovation, high performance, lower attrition, and more discretionary effort.
Kapilashrami highlighted the importance of effective change management in HR. She advised focusing on a few critical priorities with clear commercial benefits and co-creating the future of HR with employees. Standard Chartered uses continuous listening, supported by Qualtrics, to capture employee feedback and ideas. This approach was evident in the bank’s hybrid working strategy, which involved employees recreating watercooler moments and developing new ways of working.
In conclusion, Standard Chartered’s impressive 2023 financial results and commitment to HR excellence demonstrate the bank’s ability to navigate a complex global landscape. With a focus on skills, progressive benefits, psychological safety, and effective change management, the bank continues to set a high standard in the financial services industry.
Keywords:Standard Chartered Financial Growth:Skills-First Transformation:Employee Satisfaction and Well-being:Progressive Benefits Policy:Global Banking Strategy
: KCB Group reports Sh44.5B ( US$ 342.31) nine-month profit, outpacing
Equity Bank. Learn about its 49% growth, challenges, and stock performance this
year.
KCB Group Plc has outperformed Equity Bank to cement its position as Kenya’s leading
lender, posting a net profit of Sh44.5 billion for the nine months ending September
This represents a 49% year-on-year growth, surpassing Equity Bank’s Sh37.5
billion profit during the same period.
Profit Growth Driven by Core Business Performance
The remarkable profit growth was fueled by higher earnings from both interest and non-
interest income streams. KCB’s diverse revenue base has been pivotal in maintaining
its dominance in the competitive banking sector.
Non-Performing Loans a Key Concern
Despite the impressive profit growth, KCB’s non-performing loan (NPL) ratio rose to
18.5%, compared to 16.5% last year. This increase highlights persistent challenges in
managing credit risk, with Chief Financial Officer Lawrence Kimathi acknowledging it as
a “pain point” for the bank.
KCB Stock Outshines Peers on NSE
KCB’s strong financial performance has translated into exceptional stock market results.
The bank’s stock has risen 78.8% year-to-date, making it the best-performing banking
stock on the Nairobi Securities Exchange (NSE).
Plans to Sell National Bank of Kenya
Earlier this year, KCB announced plans to sell its struggling subsidiary, National Bank of
Kenya (NBK), to Nigeria’s Access Bank. While Nigerian regulators have approved the
deal, it is still awaiting clearance from Kenya’s Central Bank. The sale aims to
streamline KCB’s operations and address losses at NBK.
CEO Paul Russo Optimistic About Year-End Performance
“The journey has not been without its hurdles, but our ability to walk alongside our
customers has driven our success,” said KCB CEO Paul Russo. He expressed
confidence in closing the year on a high note, leveraging improving economic conditions
across the region.
Key Figures at a Glance
● Net Profit: Sh44.5 billion (+49%)
● Non-Performing Loan Ratio: 18.5% (up from 16.5%)
● Stock Performance: +78.8% year-to-date
KCB’s strong performance underscores its resilience in navigating challenges and its
commitment to sustaining growth in Kenya’s banking sector.
Business & Money
Top 10 Kenyan banks by total assets as of 2023, based on data from the Central Bank of Kenya:
KCB Bank Kenya Limited
Total Assets: KSh 1.425 trillion
Market Share: 17.4%
Equity Bank Kenya Limited
Total Assets: KSh 1.004 trillion
Market Share: 12.2%
NCBA Bank Kenya PLC
Total Assets: KSh 661.7 billion
Market Share: 9.2%
Co-operative Bank of Kenya
Total Assets: KSh 624.3 billion
Market Share: 8.8%
Absa Bank Kenya PLC
Total Assets: KSh 520.3 billion
Market Share: 6.6%
Standard Chartered Bank Kenya
Total Assets: KSh 429.3 billion
Market Share: 5.9%
Stanbic Bank Kenya
Total Assets: KSh 449.6 billion
Market Share: 5.8%
I&M Bank Limited
Total Assets: KSh 405.6 billion
Market Share: 5.4%
Diamond Trust Bank Kenya
Total Assets: KSh 399.6 billion
Market Share: 5.3%
Bank of Baroda (Kenya) Limited
Total Assets: KSh 201.9 billion
Market Share: 2.8%
These rankings illustrate the dominance of large Tier 1 banks, which collectively control over
76% of the market share. Strategic expansions, increased deposit mobilisation, and robust
lending practices underpin the sector’s strong performance
: Vasundhara Oswal, daughter of industrialist Pankaj Oswal, faces serious
charges in Uganda. The Oswals call for UN intervention amid claims of corporate
jealousy.
Vasundhara Oswal, the 26-year-old daughter of prominent Swiss-Indian industrialist
Pankaj Oswal, has found herself at the centre of a legal storm in Uganda.
Her father, a well-established business figure, is known for his diverse investments,
most notably a $150 million ethanol plant in Uganda.
This plant, the largest of its kind in East Africa, is a key part of Oswal’s broader strategy
to invest in industrial and eco-friendly solutions in the region. The facility produces extra-neutral alcohol (ENA), which is used in the beverage, cosmetics, and pharmaceutical industries.
It is recognised for its modern technology and sustainable practices, such as zero liquid
discharge, emphasising the Oswal family’s commitment to both industrial growth and
environmental responsibility.
In addition to the ethanol plant, Pankaj Oswal has made strategic investments across
various industries, including petrochemicals, agriculture, and real estate.
His ventures reflect a global reach, extending to Australia and India, where he has
been involved in industries ranging from agriculture to renewable energy.
His diversified business approach and commitment to sustainability have made him a prominent figure in international business. However, in October 2024, the family’s legacy was overshadowed by the legal troubles surrounding Vasundhara Oswal.
She was detained on October 1, 2024, after being accused of involvement in the
alleged murder of Mukesh Menaria, a former employee who had worked with the
Oswals since 2017.
Menaria had accused the family of harassment but later testified under oath that they
had not harmed him Despite this, charges of kidnapping and murder were brought against Vasundhara.
Her family has strongly denied these allegations, claiming that the charges are
politically motivated and part of a larger conspiracy orchestrated by their business rivals
in collaboration with corrupt officials in Uganda.
The Oswals have appealed to the United Nations, seeking intervention and asserting
that the legal proceedings against Vasundhara are unlawful. Vasundhara has actively managed the family business throughout her career, especially the ethanol plant, and led the company’s sustainable initiatives.
Beyond her business involvement, she has also been an advocate for community
welfare and mental health, further cementing the Oswal family’s reputation for corporate
social responsibility.
The unfolding legal drama has raised important questions about the intersection of
business, politics, and the legal systems in Uganda.
While the Oswal family’s ventures reflect a blend of industrial innovation and social
responsibility, the legal challenges Vasundhara faces have cast a shadow over their
business empire, highlighting the complex dynamics at play in East Africa.
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