Standard Chartered posts strong income growth in 2022; affirms commitment to Ghana at AGM
Standard Chartered Bank Ghana PLC has held its 53rd Annual General meeting to present the Annual Report and Financial Statements for the year ended 31 December 2022 to its shareholders. The Bank reiterates its ongoing commitment to Ghana, whiles supporting its clients in the market to achieve their ambitions.
The Bank’s annual report highlighted a number of positives through a particularly challenging financial year in 2022 which saw it navigate tough economic headwinds.
Total income grew by 16 per cent over the previous year to GH¢1.21billion despite the challenging external environment. Operating expense grew by 20 per cent on the back of high inflationary environment.
The effects of the external environment and Domestic Debt Exchange Programme (DDEP) announced in December 2022 is reflected in impairment charge of GH¢1.16 billion resulting in an after-tax loss of GH¢297.78 million for the period.
Despite the loss, the Bank remains resilient with a strong underlying business. 2022 ended with a capital adequacy ratio of 23 per cent, well above the regulatory threshold of 10 per cent, with the Bank maintaining a strong balance sheet and liquidity position.
The Bank also established the Standard Chartered Wealth Management Limited (SCWML), a subsidiary of Standard Chartered Bank Ghana PLC to provide investment advisory services to clients and promote the distribution of investment and other wealth products.
The recently appointed Chairman of the Board of Directors, Ebenezer Twum Asante, addressing shareholders in his first AGM affirmed Standard Chartered’s commitment to Ghana. He expressed his optimism about the future and the Bank’s ability to emerge stronger.
He said, “We have a valuable franchise with strength and quality at its core, great client relationships, and the right team of people”. He noted that despite the headwinds in 2022 the Bank is seeing strong signs of a rebound as evidenced in its strong 1st half 2023 performance. “We have a robust business model and a clear strategy. We will continue to focus on opportunities that exist within our redefined risk appetite while taking advantage of technology to open new opportunities,” he added.
Mansa Nettey, Chief Executive of Standard Chartered Bank Ghana PLC, in her address spoke about the resilience the bank showed in challenging times. She said, “We remain a resilient bank with a strong underlying business. We are making good progress on our strategic pillars and areas of focus which will drive future growth”. She also reiterated the Banks’ commitment to Ghana with continued investment into key growth sectors. “We remain committed to Ghana and will continue to support our clients to drive the economic recovery of the country.” She added.
Being Ghana’s premier bank having operated in the market for over 126 years the Banks commitment to Ghana remains as strong as ever. Through various initiatives, the bank continues to invest in the productive sectors of the economy in line with its brand promise “Here for good”. In the year under review, the Bank provided educational grants to support 31 brilliant but needy students across the 5 public tertiary institutions to the tune of GH¢285,000 for a three-year period.
The bank continues to support and invest in the local communities through the Futuremakers initiative to tackle inequality and promote greater economic inclusion for the youth. Through various programmes focused on employability, education and entrepreneurship, Futuremakers supports disadvantaged young people, especially girls and people with visual impairments, to learn new skills and improve their chances of getting a job or starting their own business. The programmes include Women in Tech incubator, Goal, Youth to Work and Youth Employability Skills.
Through these and more Standard Chartered Bank Ghana PLC continues to show commitment to Ghana.
