StanChart Ghana records GH¢150m in first quarter 2016

Standard Chartered Bank Ghana says it recorded underlying operating income of GH¢150.6 million in the first quarter of 2016 up by 17 per cent from GH¢128.1million in 2015.

Operating profit also appreciated by 105 per cent to GH¢70.9million from GH¢34.5million in 2015.

In a statement the Bank said the results were achieved despite the challenging external and economic environment of the first quarter of 2016 with global commodity prices declining further since the beginning of the year.

It said while the local market volatility had stabilized, there is a general slowdown in business activity and the overall economy remains quite fragile.

Commenting on the first quarter results, Chief Executive of Standard Chartered Bank Ghana, Kweku Bedu-Addo said, “although our financial performance for the first quarter is strong, our growth strategy remains cautious as we continue to pursue our restructuring and recovery efforts.”

He said the banks performance in the first quarter was in line with expectations as the bank continues to take actions to manage its portfolios, diversify the balance sheet, tighten risk tolerances and reduce costs.

“Our impairment charges declined by 88 per cent from GH¢17million in 2015 to GH¢2 million, as no new IFRS provisions were made during the period under review. The action we took to de-risk our loan book and to cautiously grow our assets is paying off,” he said.

Mr Bedu-Addo said the bank remained focused on delivering our 2016 strategic priorities of maintaining the right financial framework through maintaining a strong balance sheet and generating attractive returns on Capital.

“Our commitment to the digital agenda and investment in technology is well underway. We are confident that as benign conditions return our performance will continue to improve in line with market expectations,” he added.

Source: GNA