News Column

Standard Chartered Posts Impressive Results

June 2, 2014

Daniel Nonor

Standard Chartered Ghana posted one of its best financial results in the past decade, indicating significant growth in operating profits and income. The bank's income rose 49 per cent to GH¢420 million, while Profit before tax increased by 60 per cent to GH¢273 million.

Announcing this performance to shareholders of the bank in Accra, the management noted that the underlying performance in 2013 was testament to the bank's commitment to delivering on target, and a deepening of its client-led strategy, while ensuring a strong balance sheet.

The management of the bank noted that in spite of the adverse effects of the dollar liquidity squeeze in Ghana last year, the bank's continuous commitment to maximising shareholder value remained central to its strategy, and was prominent in improving its revenue streams.

Other results include, Wholesale Banking income, which grew by 59 per cent to GH¢267 million, with an operating profit before tax up by 60 per cent to GH¢203 million.

Consumer Banking income grew by 34 per cent to GH¢153 million, with a profit before tax of GH¢70 million, up by 63 per cent.

Earnings per share (EPS) grew by 52 per cent to GH¢1.77, with Return on Equity (ROE) at 43 per cent.

Commenting on the results, Kweku Bedu-Addo, Chief Executive, Standard Chartered Bank Ghana said: "Our overall performance in 2013 is an achievement we are very proud of as a bank, because it demonstrates that we are building a sustainable business with a healthy balance between the pursuit of profits and ensuring a robust risk management and compliance culture.

He, however, expressed concern about the decline in the agriculture sector, which serves as the bedrock of the Ghanaian economy.

He noted that Ghana's economy had become less reliant on agriculture and manufacturing, with the services sector driving growth.

"In this regard, we urge the economic managers to take another look at the incentive framework and the policy interventions required to rebalance the economy towards sectors that also address the acute unemployment situation in Ghana."

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Source: AllAfrica

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