Standard Chartered group chief executive Mervyn Davies early this year outlined his agenda to transform the bank into a performance-driven institution and to improve return on equity (RoE) to 20 per cent.
In the drive to achieve these objectives, some operations have been centralised, while others are being re-engineered and integrated. These initiatives have helped to deliver cost reductions and operational efficiencies.
Under his stewardship, the world's largest emerging-markets bank has been re-positioning itself strategically while growing organically and through acquisitions. The initiatives undertaken have made a positive impact on the balance sheet.
Interim results announced in August showed that RoE has improved to 12.8 per cent from 9.3 per cent in last year's second half, and the growth in a number of Asian and Middle Eastern markets has exceeded expectations. Group revenue grew 6 per cent and costs have declined 2 per cent over last year's first half.
Acquisitions also made stronger contributions to overall performance.
Human resources executives have taken the cue and are sourcing performance-oriented men and women and equipping the crew with the relevant skills and knowledge, so that the ship may sail steadily in fair and foul weather towards its strategic objectives.