StanChart says delivers strong performance for nine months ending September

Standard Chartered Bank Ghana Limited says it continues to make good progress on its strategy, delivering a strong financial performance for the period ending September 2017.

The Bank’s operating income increased by six per cent to GH¢490 million from GH¢464million recorded in September 2016, indicating stable business performance.

Operating expenses was up by 28 per cent to GH¢177.6million compared to prior year of GH¢138.5 million while the Bank posted a loan impairment recovery of GH¢18.1.million as of 30th September 2017 compared to an impairment charge of GH¢61.5million same period 2016.
In a statement the Bank said the cumulative effect of the above resulted in profit before tax of GH¢331 million, representing a 25 per cent growth compared to prior year of GH¢264million.

The Capital adequacy ratio for the period is 28.27 per cent compared to 21.59 per cent in prior year while average return on equity was 29.67 per cent compared to prior year 29.75 per cent.
Earnings per share for the period increased by 24 per cent from GH¢1.61 to GH¢2.00
The Bank said the macro-economic environment has seen relative stability coupled with robust GDP growth during the period under review.

Chief Financial Officer, Kweku Nimfah – Essuman, said, “We have a strong underlying business and we will continue to stick to our strategy of sustaining a diversified balance sheet which remains, structurally liquid and conservatively positioned”.

Commenting on the results, Chief Executive Officer, Mansa Nettey, said, “Our results continue to trend upwards as we create shareholder value. Our focus for the rest of the year is to deliver on our strategic priorities whiles investing in the right systems and platforms to drive growth.”

Source: GNA