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.
