Stanchart posts strong results in second half of the year

Standard Chartered Bank Ghana Limited has posted positive results within half year ending July 31, 2017.

The bank declared a profit before tax of GH¢227 million, representing 11 per cent growth compared to GH₵203.4 million in June 2016.

It also recorded an increase in its operating expenses from GH₵116 million in 2016 to GH₵77 million, representing a half year growth in assets of 50 per cent.

According to a release issued in Accra, a review of the bank’s results showed a strong and positive performance across all the financial indices and also its affirmed position as one of the most notable financial service providers in the country.

It said, “Operation income grew from GH₵297 million in 2016 to GH₵327 million, representing an increase of 10 per cent as compared prior to last year.”

The bank’s operating expenses, according to the release, also increased from GH₵ 116 million in 2016 to GH₵77 million, representing a half year growth in assets of 50 per cent.

It also indicated that the financial net impairment return of GH₵16 million as at the end of June 2017 compared to a charge of GH₵16 million during same period 2016.

In the release, “The Capital adequacy ratio increased from 21.1 to 23.7 per cent as compared to last years”.

The Chief Financial Officer, Mr Kweku Nimfah-Essuman, noted that “we have made good progress in the execution of our strategy. Our focus is to maintain a robust balance sheet and capture the right growth opportunities.”

He also noted that returns on equity (ROE) grew from 21.4 per cent to 24.5 per cent while earnings per share also increased by 6.2 per cent from GH₵1.29 to GH₵1.37.

He added that the above drivers resulted in a profit before tax of GH₵227 million, representing 11 per cent growth compared to GH₵ 203.4 million in June 2016.

Mr Nimfah-Essuman said: “During the period under review, the macro-economic environment has seen relative stability with renewed confidence in the economy. There is optimism that bank’s performance will continue to improve on the back of strong market conditions.”

The Chief Executive Officer, Madam Mansa Nettey, said: “Our results continue to trend positively. We are confident that we will continue on this upward trajectory as market conditions continue to improve.”