Business News of Monday, 18 March 2013
Source: Graphic Business
Standard Chartered Ghana has announced what it described as the bank’s “best ever financial results since the past decade” as it recorded significant growth in operating profits and income.
The bank’s profit after tax rose by 75 per cent from the 2011 figure to GH¢136m in 2012, while it also recorded an income of GH¢282m which represents a 30 per cent rise from the previous year’s figure.
According to the bank, “This underlying performance in 2012 points to the deepened client-led strategy and ever strong balance sheet the bank has”.
Stanchart Ghana has been touted by its parent bank as being one of the best performing three branches of the Stanchart Group in Africa because of its continuous breakthrough in a highly competitive banking sector in the country.
The basic earnings per share has, therefore, reached GH¢1.16, representing a 75 per cent rise, while the overall balance sheet of the bank also registered an impressive 22 per cent growth to GH¢2.4bn.
The bank continued to display a well-diversified income growth for most products and segments, whilst maintaining a strong focus on the fundamentals of banking.
Commenting on the results, the Chief Executive Officer of the bank, Mr Kweku Bedu-Addo said: “Our results tell a compelling story – one of consistency, discipline and focus in a very volatile and uncertain business environment. It also demonstrates the strength of our talent and the robustness of our approach to business. We expect to replicate this achievement in the coming years”.
The bank also demonstrated a remarkable understanding of the Ghanaian market with its performance in both the Wholesale and Consumer Banking businesses; a testimony of how the bank has positioned itself more favourably to clients through innovative solutions and better service delivery.
At the wholesale banking section of the bank, GH¢168m was recorded as operating income, representing a 25 per cent increase, while profit before tax hit GH¢127m, representing a 51 per cent rise from the previous year’s figure. Consumer banking level also showed strong growth on the back of its strategic transformational journey.
It recorded 39 per cent rise in operating income to GH¢114m and a 43 per cent rise in profit before tax at GH¢43m. The year also saw the execution of a bonus share in the ratio of 5:1 to meet regulatory requirements.
This resulted in a significant boost to the liquidity of the shares of Standard Chartered Bank Ghana Limited on the Ghana Stock Exchange, while the share price remained very robust in line with the bank’s strong performance.