Standard Chartered reinforces commitment to deliver strong safe and long-term sustainable growth
Standard Chartered Bank Ghana PLC has held its 54th Annual General Meeting to present the Annual Report and Financial Statements for the year ended 31 December 2023 to its shareholders.
The Bank delivered strong results – returning to profitability and improved returns alongside balance sheet growth and positive momentum across key metrics. Return on Equity (ROE) increased to 45 percent and Capital adequacy ratio (CAR) is 27.7 percent well above the regulatory threshold of 10 percent. Given the Bank’s capital position, the Bank has received regulatory approval to pay dividends and will advise shareholders in due course.
Chairman of the Board of Directors, Ebenezer Twum Asante, addressing shareholders said, “The various strategic actions we initiated to improve the resilience of our business to external shocks, such as tightening our risk and control measures, have positively impacted our results. We will continue to harness our key capabilities and the opportunities they present to deliver value in a strong safe, sustainable manner”.
Alongside the importance of delivering improved financial performance, the bank’s Purpose and brand promise to be here for good remain cornerstones of the business. The bank continues to support its clients and communities as they anticipate and respond to economic and social challenges. This is possible through the bank’s Stands – Accelerating Zero, Resetting Globalisation, and Lifting Participation – through which positive impact is delivered across the country.
Commenting on the impact the bank is making in the country, Chief Executive, Mansa Nettey emphasized the importance of collaborating to deliver impactful scalable interventions to support the vulnerable in society during challenging economic periods.
She said, “The world continues to experience some evolving trends including technological advancements, geopolitics, and climate change. While these changes continuously trigger country and international policy shifts, the private sector remains in a good position to shape national and global discourse that will help sustain our economies and communities”.
“As a Bank, we will continue to augment the efforts of government and support our communities through thought leadership and community impact programmes, as well as the provision of funding /capital to where it is needed most”. She added.
The Bank also reported the following results:
– Income growth of 42 per cent over the previous year to GH¢1.72 billion.
– Operating cost was at GH¢582 million that is 33 per cent over the prior year.
– While we took a huge impairment charge of GH¢1.16 billion in 2022 as a result of the Domestic Debt Exchange Programme (DDEP), we had a release of GH¢220 million in 2023.
– This culminated in a profit before tax of GH¢1.36 billion compared to a loss of GH¢381 million in 2022.
The Bank continues to maintain a very strong balance sheet, is liquid, and well-capitalised.
