Standard Chartered Bank to increase market share

Accra, April 28, GNA - Standard Chartered Bank will focus on enhancing liquidity, injecting new capital, managing risk and controlling cost to enable it to take advantage of opportunities to increase market share and grow the business in its chosen segments, its Chief Executive Officer said on Tuesday.

"Our focus on and dedication to the basics of banking, that is liquidity, capital, credit risk, operational risk and cost have enabled us to grow our business whilst other international banks have struggled," Mr Hemen Shah, Chief Executive Officer of the Bank, told shareholders at the Annual General Meeting.

He said as the effects of the global economic crisis became more tangible the Bank would continue to operate in a manner that ensured sustainability.

In line with this commitment, Mr Shah said the bank would maintain its leadership position in promoting superior risk management within the market.

SCB operating income rose by 26 per cent to GH¢117 million in 2008 while profit after tax was up by 0.5 per cent at GH¢33 million. Loans and Advances grew by 60 per cent whilst deposits increased by over GH¢200 million.

Mr Shah said the performance was delivered in the face of increasing competition within the industry and without compromising on standards of service, risk management and the disciplined approach in the way we do business.

"Our 2008 results confirm that we have effectively managed the inherent risks in the industry over the year and have consistently been able to strengthen our foundation for efficient and sustainable growth within our strategic segments in the market," he said. Mr Shah was positive and optimistic about the growth potential in 2009 and said the bank would deepen its relationship with clients and growing deposit base whilst managing risk and uncompromisingly adhering to control standards.

The Board Chairman, Mr Ishmael Yamson, was optimistic that the fundamentals of the economy would continue to support the growth aspirations of the Bank despite the downturn in the global economy. Shareholders approved a resolution to enable the Board to issue convertible, preference and/or ordinary shares to enable the company to comply with the Bank of Ghana's minimum capital requirement of GH¢60 million. They also approved a dividend of GH¢1.50 per share.