Q1 2022: StanChart grows assets value to GHS 11.3bn; posts GHS 293m as profit-before-tax
Standard Chartered Bank Ghana for the period between Q1 2021 and Q1 2022, has seen its total assets value grow by approximately GHS 2.3bn.
Per the bank’s Financial Statement for the end of the first quarter of this year, total assets value amounted to GHS 11.3bn from the previous year’s GHS 9bn total assets value.
Contributing to the significant rise in StanChart’s assets value was the surge in the bank’s cash and cash equivalents which on a year-on-year basis grew by more than GHS 1.3bn – from GHS 3.09bn in Q1 2021 to GHS 4.37bn in Q1 2022.
Loans and advances to customers as well as investment securities held by the bank which amounted to GHS 2.29bn and GHS 3.16bn respectively, were also major contributors to the overall GHS 11.3bn total assets value of the bank.
For the period under review, Standard Chartered which is the country’s oldest bank, recorded a profit-before-tax of GHS 293m.
Compared to the GHS 165m recorded for same period last year, this marks an increase of some GHS 128m in the bank’s profit-before-tax.
Growth in the bank’s profit-before-tax was mainly on the account of increments in the bank’s operating income which grew from GHS 267m in Q1 2021 to GHS 355m in Q1 2022.
Non-Performing Loans (NPLs) as a percentage of Gross loans for the review period witnessed a significant reduction from 26.61% to 11.97%.
The reduction signifies a strengthening of the bank’s loan asset quality which could have been achieved through the use of robust loan recovery methods by StanChart.
Liquidity ratio of the bank for the review period also increased from 86.95% to 95.18%, implying that the bank strengthened its ability to pay its short term debt obligations.
With regards to its liabilities, Standard Chartered ended the first quarter of this year with total liabilities valued at GHS 9.5bn.
An increase of GHS 2.1bn when compared to the GHS 7.4bn recorded same period last year.
The major element driving the bank’s liabilities are deposits received from customers.
Deposits from customers amounted to GHS 8.1bn of the total GHS 9.5bn.
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