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Business News of Tuesday, 26 April 2011

Source: GNA

Shareholders of Standard Chartered Bank approve bonus share offer plan

Accra, April 26, GNA - Shareholders of Standard Chartered Bank (Ghana) on Monday approved the board's proposed plan to issue five bonus shares for every shareholder. The move is to meet the requirement of the Ghana Stock Exchange for all listed companies to have a minimum of 100 million shares by 2012.

"Nothing is firmed up yet as discussions are still ongoing. But I can assure you that not less than five new shares will be given for each share held," Mr Ishmael Yamson, Board Chairman, told shareholders at the Annual General Meeting.

Meanwhile, the bank has announced a fifth successive year of record income, demonstrating the consistent and sustainable growth strategy of the Bank in Ghana.

The Bank's operating income was up by 19 per cent to GH¢218 million while operating profit was up 26 per cent to GH¢101 million, the first time a bank in Ghana has crossed the GH¢100 million threshold.

Wholesale banking delivered an exceptional performance of 32 per cent income growth at GH¢136 million while Consumer Banking saw its income up by six per cent to more than GH¢79 million despite marginal compression.

Mr Yamson said management would continue to invest in systems, people products and communities.

Mr Kweku Bedu-Addo, Chief Executive, Standard Chartered Bank Ghana, said the performance was one of consistent delivery based on diverse and sustained growth.

Shareholders also approved a dividend of GH¢1.27 per share.

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