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Home Business Banking & Finance

StanChart grows assets value to GHS 15.3bn but sees GHS 110m dip in profitability in Q1 2024

1 year ago
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StanChart grows assets value to GHS 15.3bn but sees GHS 110m dip in profitability in Q1 2024

Standard Chartered Bank witnessed significant growth in its total asset value, reaching GHS 15.3 billion by the end of the first quarter of 2024, compared to GHS 12.8 billion in the same period last year. This represents a year-on-year increase of approximately GHS 2.5 billion.

The growth in asset value was primarily driven by increases in cash and cash equivalents (GHS 5.8 billion) and investment securities (GHS 6.5 billion). However, loans and advances to customers decreased slightly to GHS 2.05 billion by the end of Q1 2024.

On the liabilities front, deposits from customers emerged as a significant driver, surging to GHS 13.3 billion, a notable uptick from GHS 10.2 billion recorded in Q1 2023. This surge not only signals growing depositor confidence but also bolsters the bank’s credit creation prowess.

Despite the impressive growth in assets and deposits, the bank’s net profit for Q1 2024 witnessed a notable downturn, slipping to GHS 186 million compared to GHS 296 million in the corresponding period last year. This decline reverberates through a decrease in earnings per share for shareholders, plummeting from GHS 2.20 in Q1 2023 to GHS 1.38 in Q1 2024.

Nevertheless, there is a silver lining in the form of the bank’s capital adequacy ratio (CAR), which saw a commendable improvement, scaling up to 27.78% at the end of Q1 2024 from 21.86% in Q1 2023. This robust CAR figure not only surpasses the regulatory minimum set by the Bank of Ghana but also underscores the bank’s resilience and financial robustness.

However, concerns loom over the bank’s loan asset quality, as evidenced by a worrisome uptick in the non-performing loan ratio, which surged from 14.67% in Q1 2023 to a concerning 33.52% in Q1 2024. This deterioration underscores potential weaknesses in the bank’s loan recovery mechanisms and highlights potential risks in the bank’s loan portfolio.

Tags: GHS 110m dip in profitabilityStanChartStanChart grows assets value to GHS 15.3bn but sees GHS 110m dip in profitability in Q1 2024
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