StanChart Ghana records 30% growth year-on-year for 2012

Standard Chartered Bank says it will build on its sterling financial performance in 2012, continuing with strong execution of its resilient business model.

The Bank achieved a year-on-year income growth of 30 per cent and a profit growth of 75 per cent.

“This means that over the last five years, the Bank’s income has grown by a compound annual growth rate of 25 per cent while its pre-tax profits have grown by 40 per cent,” Kweku Bedu-Addo, Chief Executive, Standard Chartered told shareholders at its annual general meeting in Accra.

Mr. Bedu-Addo said on the back of the strong performance and for future growth prospects, the Board had approved retention of GHC 67 million as statutory reserve from last year’s profit to strengthen the bank’s capital base.

“The recent profit retention sends a clear signal to the market on our growth ambitions in Ghana. The business results so far during the first half of 2013 shows that the momentum from 2012 has been carried through,” he said.

Mr Bedu-Addo said he had commenced major investment into retail business through branch expansion and digitization of certain services and that the bank had already invested GHC 20 million in new branches and refurbishment of some existing branches.

He said the strong organic growth of the retail business was creating the necessary confidence for new investment.

On the outlook for the bank he said, although, Ghana’s economy had experienced some stress during the first half of this year, the Bank would continue to take a long term view of the country and its prospects.

Mr Ishmael Yamson, Board Chairman, said the bank’s consistent strong performance was underpinned by disciplined execution of its growth strategy through respect for the basic tenets of good banking, adherence to our risk policies and procedures, deeper relationships with our existing client and customer, he added.

Source: GNA