Standard Chartered Bank Ghana pre-tax profit up 279%

Standard Chartered Bank Ghana Limited says its pre-tax profit for 2016 is up by 279 per cent to GH¢346 million from GH¢91 million recorded in 2015.

The bank in its full-year 2016 results released on Tuesday said impairment was down 62 per cent from GH¢212 million to GH¢81 million through effective recovery and restructuring efforts undertaken during the year.

During the period, operating expense decreased by 15 per cent to GH¢194 million compared to GH¢227 million in 2015 resulting from continued focus on the cost management strategy and gains from operational efficiency. 

Underlying operating income of GH¢621million was up 17 per cent over the previous year as a result of stable underlying business.

“The effects of the above drivers resulted in increase of pre-tax profit by 279 per cent to GH¢346 million from GH¢91 million recorded in 2015,” the bank said in a statement on Tuesday.

Earnings per share were also up from GH¢0.54 in 2015 to GH¢1.92.

The statement said the challenging economic conditions and external headwinds experienced over the past three years continued to persist into 2016, albeit slower than previous years, impacting businesses further. 

It said the Bank had, however, remained focused on its strategy of preserving the right financial framework and creating shareholder value.

“We continue to ensure a resilient balance sheet in an uncertain economic environment, tighten risk tolerance, remain cost efficient and seek diverse opportunities to drive sustainable growth into the future” said, Kweku Nimfah-Essuman, Chief Financial Officer, Standard Chartered Bank Ghana Limited.

Commenting on the results Kweku Bedu-Addo, outgoing Chief Executive Officer of Standard Chartered Bank Ghana Limited, said: “I remain confident that the financial performance of this business will continue to trend positively in line with market expectations over the coming years.”

Source:GNA