Standard Chartered announces dividend payout amid strong 2023 performance

  • as pre-tax profit grows 447% to GH¢1.36bn
  • commits to collaborate with private sector to further drive impact and economic inclusion.
  • reinforces commitment to deliver strong safe and long-term sustainable growth.

Shareholders of Standard Chartered Bank are set to receive dividends for the year ended December 31, 2023, as announced by Board Chair Ebenezer Asante Twum to much cheer at the bank’s 54th Annual General Meeting in Accra.

On January 5, the Bank of Ghana (BoG) instructed banks to suspend the declaration and payment of dividends and other distributions to shareholders, effective December 31, 2022, due to the impact of the Domestic Debt Exchange Programme (DDEP) on the capital and profitability of banks. Banks held approximately a third of the GH¢83 billion worth of bonds that were swapped.

However, following improvements in the capitalization and profitability of some banks, the BoG permitted banks that made significant progress in their recapitalization plans to distribute dividends.

Standard Chartered Bank received confirmation from BoG to distribute dividends for 2023, Mr. Asante announced.

“As per the process, the Board will consider it and make recommendations and update shareholders in due course,” the Board Chair added.

This announcement comes as the bank’s revenue surged to GH¢1.67 billion in 2023, compared to GH¢1.22 billion in 2022, driven by growth in net interest income from GH¢808 million to GH¢1.27 billion. Additionally, net fee and commission income reached GH¢178 million.

The bank reported a profit before tax of GH¢1.36 billion, reversing the DEEP-induced loss of GH¢389 million recorded in 2022. Total assets surged to GH¢13.9 billion from GH¢10.37 billion, with the loan book reaching GH¢2.1 billion.

The capital adequacy ratio stood at 27.74 percent, well above the regulatory minimum of 10 percent, and the liquidity ratio was 93 percent, compared to 63 percent in 2022. Earnings per share (EPS) rose to GH¢6.45 from GH¢2.21 in the previous year.

Commenting on the performance, Chief Executive Manas Nettey said, “We believe the results signal the start of a sustainable recovery, as we finished the year with good momentum across all our business segments.”

“We continue to maintain a very strong balance sheet and are liquid and well-capitalized,” she added.

The CEO further stated that the progress made against the backdrop of the tough external environment was a result of deliberate efforts to drive down costs and enhance innovation.

“Throughout the year, we continued monitoring developments within the macroeconomy to effectively align our country strategy. We observed strict adherence to our risk management framework while capitalizing on opportunities to sustain our business,” she explained.

The bank’s emphasis on digitalization resulted in 95 percent of onboarded clients being acquired digitally and 90 percent of service requests being handled digitally.

“While much external uncertainty persists, we aim to build on the achievements in 2023 to accelerate our performance. We will focus on areas of opportunistic growth within our risk appetite,” she added.

The results have seen investors react positively to the bank’s stock. Standard Chartered began the year with a share price of GH¢17.55 and has since gained 14 percent, ranking seventh on the Ghana Stock Exchange in terms of year-to-date performance.


  • Income growth of 42 per cent over the previous year to GH¢1.72 billion.
  • Operating cost was at GH¢582 million that is 33 per cent over the prior year.
  • Took a huge impairment charge of GH¢1.16 billion in 2022 as a result of the Domestic Debt Exchange Programme (DDEP), and had a release of GH¢220 million in 2023.
  • This culminated in a profit before tax of GH¢1.36 billion compared to a loss of GH¢381 million in 2022.
  • The Bank continues to maintain a very strong balance sheet, is liquid, and well-capitalised

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