- Revenue of GH₵676.7millon; 9% growth over 2016
- Profit before tax of GH₵422.3million up 22% over 2016
- Strong and resilient balance sheet
Standard Chartered Bank Ghana Limited, has posted a strong profit before tax of GH₵ 422.3million in 2017 representing 22% increment over the previous year (2016) with earnings per share at GH₵2.44, up 23% from GH₵ 1.92.
The bank’s underlying operating income in 2017 stood at GH₵ 676.7million going up by 9% over previous year.
According to a statement from the bank and copied to thebftonoline.com, the bank in the same year, achieved 88% with regards to its Impairment charge which stood at GH₵ 9.5million against that of 2016 which stood at GH₵ 81.1million.
The bank noted that the current impairment charge was achieved through continued focus on recovery of impaired assets.
Meanwhile, operating expenses for the bank increased by 26% to GH₵ 244.9million compared to 2016 of GH₵ 194.1million resulting from an increase in general administrative costs.
Commenting the results, Chief Executive Officer, Standard Chartered Bank Ghana Limited, Mansa Nettey said, “we have made good progress in 2017 putting the business back on an upward growth trajectory underpinned by deepening client relationships, investment in technology and digital platforms whiles strengthening our control environment. We are confident that the actions we are taking will translate into focused and sustained profitable growth.”
On his part the, Kweku Nimfah-Essuman, Chief Financial Officer, said, “we continue to ensure a resilient balance sheet, tighten risk controls and take initiatives that will deliver results and returns for our stakeholders.”
The statement further stated that, resilient financial performance posted by the Bank for the period under review is a testament to the disciplined execution of the Bank’s strategy of maintaining a strong balance sheet, improving profitability, driving operational efficiencies whiles focusing on controls.
The balance sheet remains well capitalized and liquid and the total assets increased by 9% to GH₵4.8billion.
Standard Chartered said, they will continue to focus on prudent asset growth as benign conditions return.
The capital adequacy ratio per the Bank of Ghana prudential guidelines is 26% well above the regulatory minimum of 13% and also put in place a comprehensive strategy to ensure compliance with the new minimum paid up capital requirement announced by the Bank of Ghana, ahead of the stipulated compliance date.