Standard Chartered posts positive earnings in third quarter

Standard Chartered Bank Ghana Limited says it continues to make steady progress on its strategy with underlying operating income up by 10 per cent to GH¢539.7million from GH¢490.1million recorded in September 2017.

Profit before tax of GH¢249.8million for the period ending September 2018 declined by 24 percent from previous year resulting from impairment charge of GH¢93.8million compared to prior years’ impairment recovery of GH¢18.2million.

The Bank posted a strong capital adequacy ratio of 29.2 per cent 14 percent above the regulatory requirement. Average return on equity was 18.5 per cent.

The client business segments revenue are trending positively over the last nine months evident by the increase in liabilities by 34 percent.

Commenting on the results Chief Financial Officer, Kweku Nimfah – Essuman, said, “The Bank continues to be disciplined in its focus on sustaining a strong balance sheet, which remains structurally liquid, well diversified and conservatively positioned”.

He added “our focus is on providing the right solutions for our clients’ needs and effectively engaging our clients at the right scale. We continue to invest in our digital and advisory capabilities”.

Source: GNA